As we all know, there are multiple events affecting the market this week: Fed, Option Expiration, etc. So after the huge "Ben Rally" yesterday, I came into the session with the idea that market would pause or chop around. That was true for most sectors, although the financial gave back a bit and some of the commodities extended the rally. But the main point is that I wanted to profit from smaller moves, as opposed to trying to catch big moves. That is what I call target trades. The profit target for the "target trades" is typically a major PP or another meaningful indicator such as PDH, PDL, or round numbers.
So here are my for today:
NKE gapped down, but the bulls were in control and took price to RZ, NKE then retraced to the PDL and printed a nice NR bar with a long wick at the base of PDL. I used that as my trigger bar and exited at RZ.
WFC showed weakness at the open and printed a nice h pattern. The trigger bar is an "in the tail" weak bar and the target was RZ.
BUCY was also an "in the tail" trade after a successful retest of R1. The target was R2.
