Market opened just below L3, with a previous day outside day had me looking for a sideways day... this pretty much confirmed sideways consolidation. Hard to trade.... But looking at weekly Cam could see L3 at 1353.50 area as a good long location based on belief that we would stay sideways and not break hard in either direction.
I was not in front of computer but it turned out that L3 weekly was a good entry and target back up to L4 daily at 1355.25 and daily L3 at 1358 for 2nd target was the trade of the day.
On sideways days like today I also like to turn on Keltner Channel and trade against the extremes. settings on my Keltner 34 Mov Ave Length, and 51 True range Ave Length. This takes away too much wiggle. I trade the extremes and if it pops out one side...I wait for it to come back inside Keltner and go for the other side of channel. AGAIN, only trade this way during a sideways day. Trending days and the Keltner is harder to trade.
No comments:
Post a Comment