It was a hard day to read the market, because it moved so little and erratically, at least to me. The market sold off from the open but there was no follow through after that first move (consisting of 2 waves down).
Instead momentum turned slowly positive and during lunch hour I found a few setups. Ended up taking DNDN (I should have passed on that one) and BIDU. DNDN was a loser, and BIDU did not meet my target but gave a nice result despite that.
- Though very thin the 1 min base had great pace development
- After the initial move it came back hard but according to my rule I have to sit the first reaction out before I can update the stop or exit
- My target was the morning high, but it did not make that.
- Got stopped out on the second leg off that 1 min correction
- Held stops very tight because of this choppy market
- entry 505.50, stop: 504.90, exit: 507.20
- Result: 2.8R
