Navigating the Rollercoaster: Lessons from Wednesday's (1/17) Trading Session
Wednesday's trading session was a rollercoaster ride, marked by significant price fluctuations and strategic decisions in response to market dynamics. In this blog post, we'll delve into the day's events and explore the valuable lessons learned in the process. Early Morning Fade and First Trade: The London open set the tone for the day as price faded from its highs at 4784, plummeting to 4760 by the New York session's start. Notably, the opening price landed between S2 and S3 on the daily chart, emphasizing the bearish sentiment. Despite the hourly PPMs signaling a potential recovery, the 5-minute chart revealed a mix of upward and downward pressure from PPMs 1, 2, and 3. Entering the trade at the open, I opted not to set a tight stop loss, learning from previous experiences. While price briefly hit a new low at 4758, I stayed in the trade, considering the hourly PPMs' potential V-shaped recovery and PPM 3 starting to bottom out. As price bounced above its moving a...