Trade Idea for 11/24/20Upon open of the overnight session, prices quickly moved into the next higher value area from the previous week. Still anticipating a market migration up to 3620, albeit on likely lower volume because of being a holiday/short trading week, I got in at 3600 with two MES contracts, keeping my stop loss (3585) and sell limit (3620) order pretty tight.
Tradecontext
Morning Ideas October 26, 2020Hard to short from the breakout area here, but the market clearly isn't loving the higher. We just can't push through 3450.
As I said in the video, don't rush to jump in the market here, there will be PLENTY of opportunities coming soon.
Election is next week and all hell is going to break loose after that. I would imagine we'd see lots of volatility regardless of who wins.
How To Trade Around NewsOne of the common mistakes I see is traders chasing the market around news.
Trading news is a game that we simply cannot play as humans. That game should be left to the algo's who have much deeper pockets and better tech.
This doesn't mean you can't find high probability trades around news, but they may not be what you think they are.
Let us know what you think or what your strategy is around news events.
Morning Ideas October 19, 20202 weeks until the election, still looking for the market to continue higher.
3475 is an option level that was talked about a lot in the Spotgamma report today, so I will watch that level closely this morning to see if anything shows up in the book there.
If we get below 3480-3475 we could see some expansion lower, but that doesn't mean a trend change.