This post will be an update to my prior post regarding bullish price action back up to take out pivot highs.
Monday and Tuesday has been using the FOMC High price, notated in green line as a solid support level. The last twenty minutes of the day saw a spike off of it into the close.
Using Monday as the opening range and Tuesday as the initial balance, I projected a range expansion of the high to low and see that the 0.50 times range expansion lines up perfectly with a prior pivot swing. This will be my new target for 350 ticks.
I am already Long at 42,500 even, set with a limit order on the close of that fat bullish 15-minute bar.
So far, price has failed to break the low of Sunday's fat bullish bar as I was expecting. I said that I don't believe price will break that low and so far it is holding up.
After the 0.50 range expansion, the next price level of resistance is the FOMC high/low 1x range expansion at 42,978. One could have a target just before there but I am cutting mine at the 0.50 at 42,850.
The market is forming a bottom using FOMC High price as the support level. The November 7th FOMC release is just around the corner. I am wondering how price will create new support and resistance levels based on that 8 Hour candle. So far all of September and October has been following the September FOMC release.
Monday and Tuesday has been using the FOMC High price, notated in green line as a solid support level. The last twenty minutes of the day saw a spike off of it into the close.
Using Monday as the opening range and Tuesday as the initial balance, I projected a range expansion of the high to low and see that the 0.50 times range expansion lines up perfectly with a prior pivot swing. This will be my new target for 350 ticks.
I am already Long at 42,500 even, set with a limit order on the close of that fat bullish 15-minute bar.
So far, price has failed to break the low of Sunday's fat bullish bar as I was expecting. I said that I don't believe price will break that low and so far it is holding up.
After the 0.50 range expansion, the next price level of resistance is the FOMC high/low 1x range expansion at 42,978. One could have a target just before there but I am cutting mine at the 0.50 at 42,850.
The market is forming a bottom using FOMC High price as the support level. The November 7th FOMC release is just around the corner. I am wondering how price will create new support and resistance levels based on that 8 Hour candle. So far all of September and October has been following the September FOMC release.
Note
It is a pretty interesting clue as to why the market failed to take the low of the week's open low? This must be a price that is defended at least in the short term. Note
I want to scratch this post as I am 100% wrong. Price is still in its corrective phase and need to wait more
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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.