Now that I have seen Sunday opened and gapped down, I am more inclined to see a bounce off of 44,000 for the gap fill back up to 45,000. I am expecting shorts to get trapped down low right into the middle of the range for the trap and shift.
Either Monday or Tuesday to form the low. This is of course the market doesn't blow right through 44,000 and head down to 43,000 first. I have no clue, just opinions. I will be trading what I see form in front of me.
Either Monday or Tuesday to form the low. This is of course the market doesn't blow right through 44,000 and head down to 43,000 first. I have no clue, just opinions. I will be trading what I see form in front of me.
Note
Trade active
I decided to give this idea a try. I am Long at 44,019 using a 75 tick stop and a 200 tick target. I am going off a bounce off support after a gnarly gap down right into support. I may not have gotten the best of fill but I will not give it much room under 44,000 for my stop. This will be my one and only trade for Monday and my first trade of February. I am not concerned at all with taking a loss.
Note
I am using the same pattern as on the 2 hour. The concept of a fat spike down, a layering into a price level followed by a bullish spike higher.Note
Just giving a quick update on this idea. So far price is bouncing off of this level as is supposed to. Anything can happen from here until my target can be hit. Trade closed: target reached
Trade hit its 200-tick target but man, I left so much meat on the bone. I am trying to balance scoring base hits and homeruns. I like the smooth equity curve of base hits but need the monster homeruns to accelerate my account. Homeruns tend to strike out more often. Note
Now that the market has trapped and shifted back up to 45,000 and used it as resistance, I am expecting this short term bullish trend to fail sometime soon. NFP is tomorrow. I am going to look for a rotation back down to the bottom of the range.
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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.