There were a couple of entry setups formed during Asian session (if you even watched this market during that hours), otherwise, YM was grinding up in the RTH morning, patience was required to wait for entry opportunity (well, at least for my type of trading).

Looking at the context in hourly chart on the left, the movement during pre-market/Asian session, was the first leg of buying, and with the tight range followed. I expected another leg up during RTH before considering fading this move. So, I was looking for long all morning.

The retest of uptrend line, and also, the day’s developing Value High (not visible in the EOD chart), which was around 17785 provided a long entry with target around 17825.

A potential short which appeared near the end of RTH was around 17827, an Over-and-Under formed at the break of intraday uptrend line. This setup was ignored due to the time of day. (I don’t hold overnight position).

That’s it for me in this pre NFP Thursday session.

Have a safe trading day.

Here is a quick review of YM for the past day. Since the principle of these trades are closed to Dummy trading , which is “To limit risk by better market timing”, I categorize this series of post under Dummy Collection.

Looking at the context, the hourly chart at the right,  downtrend is clearly observed.  One interesting point is the V-shaped reversal from 17200. I expect the high/source of previous supply 17502 to be tested. I don’t immediately fade these supply , demand zone, instead, I prefer to see price trade into them and decide the next step of action.

There were a couple of trading opportunities appeared in yesterday’s session.

First one was the break and retest of the uptrend line, which was around 17433. This is a mean reversion trade for me. YM traded above current day’s developing value area, and auctioned back into value area of the day. I expected the day’s developing value (VWAP, not shown in the chart) around 17398 to be tested, in other words, I expect YM to, at least, trade into VWAP from here.

Second setup was when YM went back up to yesterday’s RTH high.  A break of uptrend line with over-and-under pattern (credit to Steve W from NoBrainerTrades for this concept) form at this point. A short at the retest 17502, with target back into the day’s developing value area, confluence with 1.618 measured move target around 17460.

Those were two obvious trade opportunities I found yesterday in between ADP release and FOMC meeting minutes.

Have a good day.