September 9th - 5:45am EST - Daily Trade Plan
Yesterday, I did not make a trade. I was waiting on price to flush a lower level and all we got in the afternoon was the 6493 level that was the 2am low and produced a low-quality setup based on my edge. When we are trading in such narrow ranges, it can be difficult to not get chopped around and my edge is focused on flushing high quality levels, reclaim and then enter after and ride up with the institutions. You can see that Institutions were buying yesterday and holding the 6493 level all day. I stated in my updated note at 11am - "Price broke above the overnight high and is testing the 6517 resistance." (We never got a back test that I could enter long) Any pullback needs to hold the 6508 level." Price didn't hold but also didn't flush lower than 6493.
I only mention this because this is what patient, disciplined trading looks like. FOMO is what will end your trading career. Do I want to trade and make money each day? Of course, but I have to be disciplined to wait for the best entries and not gamble all day long.
Now onto today! The overnight low was 6504 and high is 6523. We have been grinding higher since the Friday low. Any pullback will be health for this structure to continue higher. It cannot keep grinding higher and I am anticipating a pull back to keep us moving up the levels. Which levels should we be looking to engage in?
Key Support Levels - 6504-08, 6493, 6480, 6474, 6464, 6453 - Below Friday's low, I would wait for a level below to build a base around and reclaim.
Key Resistance Levels - 6517, 6523, 6531, 6542
The overnight low of 6504 is first level down to flush and recover and grab some points. Since the 6493 level has tested 3x yesterday, I don't think we will have much left in the tank, and I would expect price to flush a couple of levels. Waiting on 6493 to be reclaimed is the safest spot to enter. Everything between 6506-6516 is pure chop and will fake you out both directions. Be patient and wait for a flush of a level in red or blue and then the reclaim of that immediate level.
I will post an update around 10am EST.
Yesterday, I did not make a trade. I was waiting on price to flush a lower level and all we got in the afternoon was the 6493 level that was the 2am low and produced a low-quality setup based on my edge. When we are trading in such narrow ranges, it can be difficult to not get chopped around and my edge is focused on flushing high quality levels, reclaim and then enter after and ride up with the institutions. You can see that Institutions were buying yesterday and holding the 6493 level all day. I stated in my updated note at 11am - "Price broke above the overnight high and is testing the 6517 resistance." (We never got a back test that I could enter long) Any pullback needs to hold the 6508 level." Price didn't hold but also didn't flush lower than 6493.
I only mention this because this is what patient, disciplined trading looks like. FOMO is what will end your trading career. Do I want to trade and make money each day? Of course, but I have to be disciplined to wait for the best entries and not gamble all day long.
Now onto today! The overnight low was 6504 and high is 6523. We have been grinding higher since the Friday low. Any pullback will be health for this structure to continue higher. It cannot keep grinding higher and I am anticipating a pull back to keep us moving up the levels. Which levels should we be looking to engage in?
Key Support Levels - 6504-08, 6493, 6480, 6474, 6464, 6453 - Below Friday's low, I would wait for a level below to build a base around and reclaim.
Key Resistance Levels - 6517, 6523, 6531, 6542
The overnight low of 6504 is first level down to flush and recover and grab some points. Since the 6493 level has tested 3x yesterday, I don't think we will have much left in the tank, and I would expect price to flush a couple of levels. Waiting on 6493 to be reclaimed is the safest spot to enter. Everything between 6506-6516 is pure chop and will fake you out both directions. Be patient and wait for a flush of a level in red or blue and then the reclaim of that immediate level.
I will post an update around 10am EST.
ملاحظة
8:50am - Update While 6504 should be a solid level to engage with a flush and reclaim, I would be cautious on this level since we are in such a narrow range. The flush of 6493 and reclaim of that level is IMO the next best level, and waiting for price to reclaim 6505 area should confirm we will continue higher. My only issue at this time is the fact that the monthly volume profile is currently at 6501 and that tells me that we are long in the tooth, and we could flush pretty fast, IF, we lose the 6493 level. My opinion (which means nothing) is that Institutions have been distributing since Friday, and they need a flush lower to get back in to ride higher. We have PPI tomorrow and CPI on Thursday. Ideally, we flush today, get some bad news, flush some more then short squeeze tomorrow and/or Thursday. That is all just an opinion and not trading advice. - The key to the note is be careful, size down when we have this tight a range and be patient for key levels to flush and reclaim and take PROFITS at the next level. I will send another update around 10am-10:30am.
ملاحظة
10:30am - UpdatePrice chopped around the first hour and we are now coming into the low of the session. I still would follow the trade plan above. While we could flush 6493 and back test the 6505-07 level, I would be careful longing above their unless your edge has an entry. Make sure any reclaim of 6493 you wait to see IF price wants to hold the initial low that is set on the way down. I am going to wait for lower levels to look to enter. IF price flushes, don't get in the way of it!
ملاحظة
11:41am - Update - Pretty straight forward from here. We lost 6493 for the 4x the past 2 days. We are back testing 6505 and now the 6489 level has to hold. We could bounce but will probably lose this level and will need to let price find liquidity at another level below. 6480 might give us some points and any follow through and clearing 6506 will be bullish for today. I will take profits level to level as they give them to me. IF, price can clear 6506-07 we should continue higher up the levels. IF, price can't hold 6493, we will need to look at 6480, 6464, 6452 or a really good spot should be 6435-38 and reclaim of that level to move us back up and back test above.
ملاحظة
1:15pm - At 12:25pm I entered into a small position at 6504.25 and just sold at 6513.75 for a 10pt gain as we come into overhead resistance at 6517. That is me done for the day. I will post my trade plan this evening after the open.
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.