August Gameplan Continuation Of Mitigated Range
Updated
Using the prior range, price has retraced back into the 50% level to mitigate orders. This also aligns with the uptrendline on the weekly.
I am expecting August to be an EXTREMELY bullish month with a huge pin bar at the bottom. I believe this is the month that will break out of 42,000.
Using the fuel from shorts, I can see 6 points of reference for a squeeze back up.
1. The creeping order flow before the blow off down. This signals the bottom.
2. The gap just above the creeping order flow.
3. The gap on the Daily just under August's Open Price of 41,115
4. The 3 liquidity highs at 41,300 41,430 41,675
The June 20th to July 10th range SHOULD be defended and NOT be breached IF my thesis will play out.
On the Weekly, I am expecting price to start buying and complete the 42,000 breakout.
I am expecting August to be an EXTREMELY bullish month with a huge pin bar at the bottom. I believe this is the month that will break out of 42,000.
Using the fuel from shorts, I can see 6 points of reference for a squeeze back up.
1. The creeping order flow before the blow off down. This signals the bottom.
2. The gap just above the creeping order flow.
3. The gap on the Daily just under August's Open Price of 41,115
4. The 3 liquidity highs at 41,300 41,430 41,675
The June 20th to July 10th range SHOULD be defended and NOT be breached IF my thesis will play out.
On the Weekly, I am expecting price to start buying and complete the 42,000 breakout.
Note
Trade active
I have entered at 09:00pm EST at price 39,498. This is a reversal trade with me trying to catch the bottom. Three clues that I am using are the pin hammer, the Asia open gap and the gap down near the pin hammer. My stop is 75 ticks away on the outside of the range. If stopped out, this is my only trade for Monday and I am ok with that.Trade closed: stop reached
I need to update my analysis as I am completely wrong. This is NOT a normal pullback, this is heavy selling and the START of something. I ended up closing all my Long positions and took some losses. I reverted short using the monthly chart and how it is an engulfing candle only 5 days into the month. It seems like my ORIGINAL thesis of 2024 being a sell off WAS correct. I got caught in this bear market rally.
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.