ACD Method A-Up in conjunction with IB Bullish Breakout
Today was a Pivot on Gap Day in the A C D Method. The SPX opened at 2321.8 well above the pivot range of 2315 - 2315.6 above Fridays high and at all time highs, a definite bullish bias. The 10 minute Opening Range was 2321.3 - 2323.6 with A-Up at 2326.2 and A-Down at 2318.7. The Market Profile Initial Balance was 2321.3 to 2325.8. Just after 11:20am the SPX broke above the A-up level and the Initial Balance High and rallied to 2327.3 and started pulling back. I placed a limit buy at 2326 just above the IB high and was filled just after 11:50. My initial stop was at 2323.5 and my target was at 2329, I was filled just after 13:15 for +3 points. A better target would have been 2330 as the 200% extension of the IB was just above at 2330.3. The market made the high for the day at 2331.8 just after 13:35.
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