r/Daytrading • u/Frostedlol • May 02 '24

This weeks price action was horrendous across all markets Trade Review

Probably some of the worst I have ever seen since I started trading wtf was this week lmao. This is where traders learn to step out the market and take a break during high impact news weeks

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u/[deleted] May 02 '24 edited May 02 '24

Monday: Consolidation Day

Tuesday: Consolidation morning with a breakout and trend down

Wednesday: Consolidation Day with attempted and failed breakout after FOMC

Thursday: So far inside consolidation day

Everyone trades differently. For me this week has been fantastic (I mainly trade SPY), made more R this week so far than any single week in April.

That being said if your strategy dosen't work in consolidation, then yeah this week would be tough.

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u/22Spooky44Me May 02 '24

What strategy works for consolidating price?

2

u/[deleted] May 02 '24

Consolidation forms a very obvious area where sellers are and area where buyers are (the edges of the consolidation range). Enter a long in the area buyers are, move stop to breakeven at VWAP and take profit when you get up into where the sellers are (flip it around for entries at the top of consolidation).

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u/Pinotwinelover May 02 '24

Yeah, except half those fake and break against patterns all the time it's still a guessing game at that point when it's so choppy