Going from the best day since October of 2011 in terms of volume and movement to a day like today where there was quite a bit of erratic behavior. A trader in no matter what market or any country around the world has to be prepared for every single day. We have to ensure that we don’t hold preconceived notions of what the market is going to do. This is one of the reasons why we only look at the available information for the current day.
In other words, we start our analysis in the morning from 6 PM onward. This is because the new day on Emini futures begins at 6 PM. The market actually closes at 5:15 PM EST and is) with 45 min. until it opens again at 6 PM. 6 PM New York time is 6 AM in Singapore and roughly 8:52 PM further east than places like Tokyo and Australia.
This essentially means that after then market reopens there are already new traders getting ready to make new decisions with new information.
The way we trade is on an intraday level so we don’t worry ourselves with previously hit resistance or support areas or even news that came out yesterday. We may be able to input the paid high volume or high volatility but not necessarily movement in a certain direction.
When we have such drastic changes in market behavior we asked traders have to be able to know how to perform. There are days like June 20 were we have to press the gas pedal and be aggressive and other days like today where we want to be conservative.
One highlight a few of our traders that submitted their charts today during our live market analysis class to show how they were extremely conservative and were able to pick their spots based on the rules designed by the Congressive Trading System. Check out the video below where we highlight some of our student charts.
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