S&P 500 Emini Futures
See what I mean? Today was a perfect example of everything I attempted to convey last night. When price approaches a Weekly Zone it can only do one of three things - Respect, Ignore, Consolidate. As you work to build a trading plan, you must decide if you are going to trade your anticipation of the reaction, or the reaction itself. If you trade the anticipation, you must be willing to not only honor your stop, but then execute in the direction that price actually confirms. Trading the reaction itself will create a higher % of winning trades but will often require a larger stop and the trade itself will have less profit potential as you burn points awaiting confirmation. Either approach is viable. Your personality and discipline level should dictate which approach is appropriate for you. The take away here is - Know what you will do before it's time to do it.
Dow Emini Futures
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