I do not label this as a dummy trade. The entry was not really a narrow range bar. Instead I have established a new category called TICK Band. This trade was made based on NYSE TICK behavior.
The strategy is to catch the short term momentum in the market and trade along the direction in ES (E-mini S&P). A strong resistance was found at previous day’s high. It was tested once, and failed to clear it. I was waiting for ES to test it again.
Indeed, higher lows were formed in ES and TICK. The probability of this setup is high according my experience. That was the reason I risked 1-R to gain 0.6R. No secret, just traded with trend lines.
Target hit. First trade closed with +1 point (0.6-R) gain.
Leave a Reply