Dow Retracement Possibilities

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In a short amount of time scalping the DOW, a year, I have learned to never be sure. The market can do anything at anytime and that has already taken me by surprise more than once. I expect a push down from the Value Area High using volume indicators. I figure a big push up was meant to trap the sellers but we are 50% long and 50% short right now in this market. Sunday should move slower, Monday will surprise us and Wed may offer a bit more certainty. I am looking to trade with more strategy using volume profile and fibs to determine safer entry points. When in trades I will monitor momentum, money flow and use hedging strategy until my account can withstand firm losses.

Fib levels to watch for an exit from my current SELL at 34584.40 are indicated at the .382 green box which also happens to be the short term POC. However I would like to have my TP set at the yellow golden pocket for a spectacular retracement. I plan to set a hedge at break even once safe to do so and prepare for the ride!

Trade active:

My first hedge I moved down too low and took the loss of 30 PIPS. It has been reinstated at 34685. I have taken additional risk of a second SELL near my entry at 34583.4 with a hedge in the same location as the other one. A bit of a bull rush occurring as the market retests the highs created and determined a bounce up or a push back down. TP for second SELL is 34367. If profits work out, I am taking 48hrs off to assess market and find out the news.

Comment:

Life of a scalper:
3x BUY Hedges taken at unnecessary loss totalling 14 PIPS

If I had left it, I would have a better entry and a safe Hedge... Heinsight never 20/20

Order cancelled:

SELL at 34583.4 closed at 33 PIP loss

Trade active:

SELL at 34749.65

Trade closed: stop reached:

SELL at 34749.65 stoppd with 2 PIP profit.

Trade active:

SELL at 34724.65

Comment:

The biggest risk is the emotional brain. Empathy has no place in this market. We accept the loss, so far not one to be proud of. The stakes become higher, even taking time to comment is risky as it slows my reactions where I trade on my phone. My SELL just posted is in slight profit, but profit isn't profit until a order is closed.

Order cancelled:

SELL at 34724.65 with 6 PIP profit.

Comment:

So far I as told I was a good trader. Incorrect, I am a risky trader and sometimes the payoff is huge. However, tonight is already a battle with BULLS... and when you are a BEAR. To get out of this trade in profit I may have to extend bedtime hours. I would like 2 days off please.

Comment:

NOT FINANCIAL ADVICE - This is simply to demonstrate the quick changes when scalping with a hedging strategy. Been battling a hedge because my loss is great enough today that my account is limited. Yes I trade on the brink of my leverage, You should not do this is account preservation is you primary goal. In future posts, i will begin to develop my own strategy. However, we have a possible bearish divergence happening on the 15mins. Time to relax and breath.

Comment:

1min has shown a bearish call. The minute by minute charge is my main page when I actively trade. Looking for a triple top on the small timeframe and hunting for bear divergences on the bigger timeframes.

Comment:

The DOW kept moving up and many mistakes later, still riding. Started moving slow.. weird and slow. This has happened before as documented by Fractal777 at the time. I have a feeling tonight is going to be more like Fight Club over which squeeze is about to happen. The Bulls have been steady like a workhorse. The Bears seemingly holding strength with a couple strong pushes down. Whichever way this goes overnight, it will be swift and hard.

Comment:

My favorite part of trading is the ride. And the worst part is the ride. Feel the feelings, they are happening. You are in the trade. Now its time to keep a steady hand. Swift reactions can turn quickly into my favor with the right strategy. Time to pull some Fibs and see what daily and weekly levels might show respect. If I activate a hedge, I have a higher hedge available to implement the next strategy. For that I must make a plan while this market is seemingly slow.