Dow Jones Weekly Gameplan For Daytrading August 18th
Price is still in the trending phase on the 4 hour with the most recent fat engulfing bar being major support. The highs of that candle will be major support.
I will be looking for buys all week, everyday. I do not see any pullback happening this week with all this buying strength.
The blue line is this week's open price
The green line is the support from the bullish candle's high.
The tops of bullish candles are used as support. As you can see below, the tops of fat, bullish bars are used as support.
I will be using 50 tick stops and 135 tick targets for 2.6 to 1 trades. ONLY, buy setups. I WILL not look AT ALL for sells. I will disregard the bears and focus on finding quality buy setups in good support zones.
I will be looking for buys all week, everyday. I do not see any pullback happening this week with all this buying strength.
The blue line is this week's open price
The green line is the support from the bullish candle's high.
The tops of bullish candles are used as support. As you can see below, the tops of fat, bullish bars are used as support.
I will be using 50 tick stops and 135 tick targets for 2.6 to 1 trades. ONLY, buy setups. I WILL not look AT ALL for sells. I will disregard the bears and focus on finding quality buy setups in good support zones.
Note
First trade of the week was successful. 135 ticks on 8 MYM for $542
Note
Now that Tuesday is open, I am going to continue to buy in this obvious bull trend. Like taking candy from a baby. Tuesday I will find another buy low scenario and use my same 50 tick stop and 135 tick target.
Note
Tuesday did not turn out as planned, I tried to use a buy setup and it failed. Same 50 tick stop. Took 1 loss today. I don't care about losses because my wins are much greater.
Note
Took 3 buys today on Wednesday. Two losses and One win. A breakeven day for me. Still made 0.7R on my funded Topstep XFA's and my Tastytrade personal account.
Note
My stats for the week as I am not trading Friday. I barely squeaked by a 1.8% profit this week after taking so many losses. I fumbled a lot this week and the only thing that saved me was my 2.6 risk to reward. This week was a choppy range and kind of kicked my butt.
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