After Yesterday's fumble, on to a new day. I will be looking for a pullback into support marked by the green lines. I was expecting price to retrace a bit more before it bounced but it seems the market decided to bounce yesterday at the weekly open. I can't argue with the market; I can only react to what it does.
I am only interested in finding a buy trade inside of my support area and the next target will be a break of the highs.
720-820 area for support
Next resistance is honestly not here. After the break of the prior highs, we are back into all-time highs and 46,000 is a target.
Yesterday, I decided to try for a short trade back down into support. The trade went 275 ticks for me before rolling over. I am ok with that because my job is to just execute the trade and manage my risk. What the market does after my entry is out of my hands. The market decided that support was at 44,475 and bounced.
Scenario 1:
Pullback into support
Scenario 2:
Price just continues higher and breaks the high from here
Scenario 3:
Price continues, stopping at the highs, pulls back to 45,000 area for support and breaks the highs
I am only interested in finding a buy trade inside of my support area and the next target will be a break of the highs.
720-820 area for support
Next resistance is honestly not here. After the break of the prior highs, we are back into all-time highs and 46,000 is a target.
Yesterday, I decided to try for a short trade back down into support. The trade went 275 ticks for me before rolling over. I am ok with that because my job is to just execute the trade and manage my risk. What the market does after my entry is out of my hands. The market decided that support was at 44,475 and bounced.
Scenario 1:
Pullback into support
Scenario 2:
Price just continues higher and breaks the high from here
Scenario 3:
Price continues, stopping at the highs, pulls back to 45,000 area for support and breaks the highs
Note
I am looking for a low of the day buying opportunity back up to 45,250+
Trade active
I may have gotten in a little early, but I wanted to get the price 45,000If stopped out, so be it.
Using 75 tick stop and 200 tick target
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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.