Market Analysis for Oct 6th, 2020
By
Ricky Wen
Another lesson...risk management on a train
In this type of market, very important to listen to the levels/pivots when they get hit...you gotta be nimbe and take profits and also racket up stoploss orders.
Case in point for today...in the ES trading room...we managed to take profits at highs with our on-trend bull positions and now done for the day. +54pts total with low risk/heat taken. Today looks like a highlight reel, but it’s important to manage risk exposure accordingly moving forward. You win some, you lose some. The most important thing is being consistent with it
Traders now gotta e-evaluate after EOD closing print and see how tomorrows gameplan shapes out. Does it become a massive daily bear engulf or something else? Cuz bulls are very very unlikely to wrap up at dead highs
