March 21 - The 5651 Failed Breakdown
As Noted in the AM Level Newsletter at 7:30 this AM. Trade was entered 9:33 AM.
ESDaily Scoreboard
Since last Friday (when we started the ES Daily newsletter) we’ve taken 8 trades. We’ve hit our T1 on 7 of the 8 trades. All the trades have been pre-planned and documented before, during, and after the trade.
Because the majority of our contracts are taken at T1 and we’re always trading with rule #2 of our Core Strategy, we remain profitable on nearly all of the trades.
Rule #2 is important….
#2 Nothing less than a 1/1 reward to risk for T1. Non negotiable
It’s not hard to see why the numbers work.
So, I’m happy with our start and our subscribers.
Thank you.
This morning I wrote:
If we breach the channel (5690-5680), I’ll be looking at these 2 main price points below:
Below
Demand: 5623-5598 - If RSI is below 40 on the 3 Hr time frame, I’ll wait for acceptance and take a confirmation trade, one where price comes into the zone, and we find a level on small time frame once price has found a bottom
Failed Breakdown - 5651(D) remains as the next opp for a failed breakdown, we won’t want price to get below 5640 or so if this is in play. Remember, on failed breakdowns there’s no need to rush. Wait a few minutes as price accepts the area.
After T1 was hit at 5703 early this AM we sold off about 50 points in one hour from our 5703 T1 (to the tick) and right into a low of 5651.
By 9:33 we were into the trade as noted on X:
As I’m wrapping up on this Friday, 5682 and 5700 have been hit for our targets.
The stop has moved to 5672, locking in ~20 points on the remaining contracts.
As we await price discovery, it’s highly likely we pullback inside the 5650-5700 area, and we’re not over trading. Nothing much to do other than let this runner work.
Feel like a broken record here as of late on not over trading but it doesn’t need to be more complicated than that.
I’ll come back Monday morning with levels after Friday’s session ends and we see what Sunday brings. As always, I’ll be posting any intraday updates on X.
What a start to this ES Newsletter!
I love this stuff
Trade like a robot
-PT