This week is shaping up to be a doji candle that is revolving around the Week's Open price of 39,589.
I believe Friday will continue to be a range type of day that will go lower first then start to trade above Friday's open and another explosive short squeeze up to 39,705 before trading back down and closing near the week's open.
I will be looking for a pullback on top of Friday's Open price of 39,501, which so coincidently happens to be Thursday's Open price as well.
I measured 200 ticks above and below Friday's open as that is 0.50% move both +/-
A range day typically rotates around a price level.
I will use my 50 tick stop and 120-150 tick target if/when that sets up.
I will allow myself two chances Friday. Two losses in a row and I walk away for the day.
I use the 4 hour for direction and the 15 minute for my entry.
Bias: I have a 90% lean towards going long up into yesterday's high/ the mid point of the yellow buy to sell box/ 0.50% move higher. Price target 39,705
I believe Friday will continue to be a range type of day that will go lower first then start to trade above Friday's open and another explosive short squeeze up to 39,705 before trading back down and closing near the week's open.
I will be looking for a pullback on top of Friday's Open price of 39,501, which so coincidently happens to be Thursday's Open price as well.
I measured 200 ticks above and below Friday's open as that is 0.50% move both +/-
A range day typically rotates around a price level.
I will use my 50 tick stop and 120-150 tick target if/when that sets up.
I will allow myself two chances Friday. Two losses in a row and I walk away for the day.
I use the 4 hour for direction and the 15 minute for my entry.
Bias: I have a 90% lean towards going long up into yesterday's high/ the mid point of the yellow buy to sell box/ 0.50% move higher. Price target 39,705
Note
Note
I just took the long off the bounce of the open. It happened sooner than I thought. Entry 39,520
Stop 39,470
Target 39,645
2.5 to 1
I may get stopped out when NY opens up, who knows? Ill take this one and see later
Note
I changed my target to 39,680 for 160 ticks or 3.2 to 1 as I believe this to be a prime target.Trade active
Update so far on this trade:So far it is trending higher each time. I'm about halfway to my 3R target. I wasn't aware of Core PCE news today at 06:30am MY time. I may have to cut it short before the news is released. I don't hold day trades into a news event. May get 2R out of this
Trade closed: stop reached
I decided to just hold the trade no matter what. I can not believe everything played out exactly as I planned and I was stopped out by a measly 5 ticks. I am frustrated by this but I will get over it. A 3.2R trade lost.
What did I do right on this trade:
Long bias up to the yellow box
A nice channel drawn
A bounce off the Day's Open
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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.