Market Analysis for Oct 6th, 2020

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

9BA7D699-210E-4081-8DB2-EA64C58244FE
9BA7D699-210E-4081-8DB2-EA64C58244FE
CF3997BD-8D5B-4887-834A-E8A3CA5D9608
CF3997BD-8D5B-4887-834A-E8A3CA5D9608
0F59A7C0-1658-47B9-BB67-822648997F00
0F59A7C0-1658-47B9-BB67-822648997F00
Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.