I tweeted earlier in the morning that I would look to this area for potential longs as I expect buyers the first time to initial support. Although the back of the zone was penetrated & closed outside of the zone there was no short. It would be illogical to continue taking shorts at a point where buyers usually show up.
Buyers did materialize at the back of initial support & ES rotated back up to the 1586.50-1588.50. This would be the 2nd touch of the zone and the strategy calls for taking only the highest odds first touch. Sellers stepped back in at this zone driving back down and through initial support to the 1576.75-1574.75 zone where selling shut off.
While we had a 1000+ negative tick reading near the lows of the day it was simply too close to the end of the session to take a counter trade. Taking counter trend trades at the end of the day, particularly when near or at highs or lows is simply a low odds affair. Its stressful and can lead to big losses at the end of the day. Its simply not worth it.
Today only generated one trade, a winning trade, but it avoided multiple counter trades that could have racked up losses. Avoiding a losing trade is as valuable to me as having a winning trade. I hope everyone did well today. More opportunities tomorrow.
TRADE RESULTS SINCE BLOGS INCEPTION: TRADER PERFORM COACHING: TnP High odds Trade strategy performance from firs...