The afternoon positions

Two positions between 4:40 pm and 5:13 pm, one of which brings three setups together at once, and another taken at half size despite a textbook absorption. This lesson grades them, explains why three readings make only one position, and why the second one was only entitled to half the size. The positions table is the format your journal should adopt.

Why three readings make one position

Between 4:50 pm and 4:58 pm, three setup cards say the same thing: S6 (the 7,610 wall is consumed), S9 (the 50% extension of the IB lands on 7,615) and S12 (the stacked buying imbalances from 7,601 to 7,604 hold the 4:50 pm pullback). A trader who opened one position per card would have three times the size on the same move, with the same structural stop and the same invalidation scenario: that is one position at triple size, not three positions. The rule is simple: one position per move, and readings that coincide raise the grade, not the size.