The idea behind my trades are that I want to initiate a position from an area of significance that is viewable from a big picture context. I do not look for intra-day price patterns or any other hokey stuff as that is typically noise IMO. I want to be entering at areas where the big money is getting in. Once in the trade, I want to take risk off at somewhat mechanical areas but also paying attention to support and resistance that stand before me.
Once fully scaled, I'll look to move my remaining 1/3 position just outside of the developing value area until price breaks. I then look to trail my remaining 1/3 position once price breaks out of range in an effort to get the most out of the move.
So in summary, I looked for an area of importance before the session began and based my trade criteria on that. As always, I will react had the market done something differently such as move back up into the previous day's balance. So for example, had the market broke out of the IB high, there most likely would have been a test of the previous day's high. I would've been out of my trade and looked for a long entry to adjust the change in context. All in all, I went into the session with a game plan and executed on it. (continued...)
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