I anticipate next week of July FOMC to be a bullish week to run the highs inside this range.
I will be Day trading off of the 15-minute chart using the 4 hours as my structure. I will only be looking for buys.
Of course, seeing how this is a range, it could also just as easily sell back down into the bottom of the range. I will see how my support zone holds up.
There is a setup of buying a pullback up to the highs but I am not quite fond of being a buyer at the middle of the range. They call the middle the slaughter house for a reason. If you do want to take it, then I would go light as it is a bit more risky.
I will be Day trading off of the 15-minute chart using the 4 hours as my structure. I will only be looking for buys.
Of course, seeing how this is a range, it could also just as easily sell back down into the bottom of the range. I will see how my support zone holds up.
There is a setup of buying a pullback up to the highs but I am not quite fond of being a buyer at the middle of the range. They call the middle the slaughter house for a reason. If you do want to take it, then I would go light as it is a bit more risky.
Trade closed: target reached
Both of my trades this week. Tuesday and Wednesday for 3R each. 150 ticks risking 50 ticks. Was bullish as expected AND the support box I had held. Note
My short trade on August 1st. Thursday. Another 3 to 1 winner. This trade ended up going 12R, holy cow. Oh well, I executed on my 3 to 1 system and got a small piece.I am happy that price is pulling back down into the bottom of the range as I want to buy more contracts for my wealth trade.
I have a daytrading system on the 15 minute chart and position trading on the Weekly.
Note
My final trade of the week on Friday, NFP. I am surprised that it too was a 3R winner. I was thinking it would stop out. I went Long after a huge dump because I saw price action turning bullish.
Related publications
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.
Related publications
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.