Heads up! Waiting for entry on 3400
Updated
High risk day trade. Waiting for the train to come in (3440).
I believe there'll be a good chance for the market to readjust it's ideas, as Cramer keeps telling people that the market is pricing in a clear electorate decision.
From 3400, I think there is a good chance for reversion to the mean or some what of a retracement.
This wave up, I've identified 3371 (0.236), 3354 (0.382) and the 3340 (0.5) to be the retracement levels.
If the daily PUT options make sense, I'll be getting involved with a small position today.
I believe there'll be a good chance for the market to readjust it's ideas, as Cramer keeps telling people that the market is pricing in a clear electorate decision.
From 3400, I think there is a good chance for reversion to the mean or some what of a retracement.
This wave up, I've identified 3371 (0.236), 3354 (0.382) and the 3340 (0.5) to be the retracement levels.
If the daily PUT options make sense, I'll be getting involved with a small position today.
Note
A small note. This is a small move, and high risk of trend continuing, therefore not suitable for buying the equity or buying the equity on leverage, even with a stop loss (for reasons of spread magnification and slippage). Options only tradeNote
one last top for the day incoming. 3388 as I writeNote
These techniques only typically work on very volatile days like we have today, where there are high amounts of fear and caution in the market.Ups and downs. As market makers price in a large part of the ATR, you have to position yourself on the extreme, at a point of resistance.
The market showed Bullish RSI, so I believe there will still be a breakout, but first a good chance of a retracement.
It might not quite get to 3400, as it's now already selling off.
Without it reaching 3400 though, I can not pull the trigger as a risk reward isn't there for me.
Note
so we will wait and see if 3400, still comes in... patience and discipline.Never get carried away with an idea.
A trader must have a wealth of ideas and take many small positions at opportunistic timing. Never be desperate. Never keep plugging money into an idea that's running away from you, just because the buy ins become cheaper and the potential rewards become larger. There are key levels that are appropriate for a new small buy in, but the target will be different also.
Note
This trade will be good till end of today I believe. Election hasnt turned out to be a landslide. Too narrow to be clear and so I'm expecting the pull backNote
Waiting for potential new top at 3442Note
it's inNote
over extending. I bought a few more, with the approach ready to sell if it carries on in break outClearly a 5th wave up and with the breakout of the trend, a bull trap I believe
Note
some kind of distribution pattern I believe is forming maybe. Tripple top perhaps (visible on 5m chart) - price now 3470.Remember this is a small position hedge idea till end of the week, but good place to add a little to the bet in my opinion.
Note
next Fib if it goes higher is 3481Note
Next wave of retracement beginningNote
support of 11810 is broken and retracement continues.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.