October 10th- 6:20am EST
*Before reading this trade plan, IF, you did not read yesterdays, or the Weekly Trade Plan take the time to read it first! (You can see both posts in the related publication section) *
If my posts provide quality information that has helped you with your trading journey. Feel free to boost it for others to find and learn, also!
My daily trade plan and real-time notes that I post are intended for myself to easily be able to go back and review my plan and how I did from an execution perspective.
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Yesterday, we had our first sell off that was lower than most of the local levels we have been seeing the dips bought at. It took price a couple of hours of basing in the afternoon before the 3pm rally. When price sells off like yesterday, it is important to remember that you do not have to rush in at every level. It is also important to make sure you take profits at the next level up. Depending on your strategy, Ideally, you will have a minimum of 2 contracts that you buy, with 1 being sold at the first level and the other being a runner. This way you can catch the move up, while still being profitable.
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The overnight high is 6793 and we just made a new overnight low at 6773. Price needs to reclaim 6790-92 to continue higher. IF, price loses 6773, we will need to come back down and retest yesterday's low at 6761. I have mentioned in the weekly trading plan and in my note yesterday at 4pm -
"Price found a nice low at 6760 and built a base this afternoon and broke out to back test the overhead resistance at 6783. Any flush and reclaim of 6763 this evening is a good immediate spot. Price will most likely hold 6766-70 level and continue higher. 6750-56 is a key level for price to hold tomorrow. IF, we close below that level tomorrow, we may need to go all the way back down to 6729, 6705 to continue higher. IF, price loses 6756 overnight, I would wait until 6729 area as first good spot, IF, that area cannot clear 6756-58 on any back test, it may need to see 6705."
We should get some opportunities today at some quality points.
Highest Quality setups are the following:
1. Flush and reclaim of 6773
2. Flush and reclaim of 6761-63 area, with 6767 being the safer spot to enter with price clearing 6774 being bullish.
3. Flush and reclaim of 6753
4. Flush and reclaim of 6741
IF, price gets below 6741, we will need to look at 6729, 6705.
Key Support Levels - 6773, 6767, 6761, 6753, 6747, 6741, 6729, 6705
Key Resistance Levels - 6783, 6789, 6793-95, 6802, 6807, 6812
As of writing, we are in a clear downtrend with price on the 15 min chart. Any base that is built above 6773 and the reclaim of 6789 would be bullish in the current range.
I still think we need to find liquidity lower by flushing the 6761 level with a reclaim of 6763-65 being a great spot to try for some points.
I will post an update around 10am EST.
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Couple of things about how I color code my levels.
1. Purple shows the weekly Low
2. Red shows the current overnight session High/Low (time of post)
3. Blue shows the previous day's session Low (also other previous day's lows)
4. Yellow Levels are levels that show support and resistance levels of interest.
5. White shows the trendline from the August lows
*Before reading this trade plan, IF, you did not read yesterdays, or the Weekly Trade Plan take the time to read it first! (You can see both posts in the related publication section) *
If my posts provide quality information that has helped you with your trading journey. Feel free to boost it for others to find and learn, also!
My daily trade plan and real-time notes that I post are intended for myself to easily be able to go back and review my plan and how I did from an execution perspective.
-----------------------------------------------------------------------------------------------------------------
Yesterday, we had our first sell off that was lower than most of the local levels we have been seeing the dips bought at. It took price a couple of hours of basing in the afternoon before the 3pm rally. When price sells off like yesterday, it is important to remember that you do not have to rush in at every level. It is also important to make sure you take profits at the next level up. Depending on your strategy, Ideally, you will have a minimum of 2 contracts that you buy, with 1 being sold at the first level and the other being a runner. This way you can catch the move up, while still being profitable.
-----------------------------------------------------------------------------------------------------------------
The overnight high is 6793 and we just made a new overnight low at 6773. Price needs to reclaim 6790-92 to continue higher. IF, price loses 6773, we will need to come back down and retest yesterday's low at 6761. I have mentioned in the weekly trading plan and in my note yesterday at 4pm -
"Price found a nice low at 6760 and built a base this afternoon and broke out to back test the overhead resistance at 6783. Any flush and reclaim of 6763 this evening is a good immediate spot. Price will most likely hold 6766-70 level and continue higher. 6750-56 is a key level for price to hold tomorrow. IF, we close below that level tomorrow, we may need to go all the way back down to 6729, 6705 to continue higher. IF, price loses 6756 overnight, I would wait until 6729 area as first good spot, IF, that area cannot clear 6756-58 on any back test, it may need to see 6705."
We should get some opportunities today at some quality points.
Highest Quality setups are the following:
1. Flush and reclaim of 6773
2. Flush and reclaim of 6761-63 area, with 6767 being the safer spot to enter with price clearing 6774 being bullish.
3. Flush and reclaim of 6753
4. Flush and reclaim of 6741
IF, price gets below 6741, we will need to look at 6729, 6705.
Key Support Levels - 6773, 6767, 6761, 6753, 6747, 6741, 6729, 6705
Key Resistance Levels - 6783, 6789, 6793-95, 6802, 6807, 6812
As of writing, we are in a clear downtrend with price on the 15 min chart. Any base that is built above 6773 and the reclaim of 6789 would be bullish in the current range.
I still think we need to find liquidity lower by flushing the 6761 level with a reclaim of 6763-65 being a great spot to try for some points.
I will post an update around 10am EST.
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Couple of things about how I color code my levels.
1. Purple shows the weekly Low
2. Red shows the current overnight session High/Low (time of post)
3. Blue shows the previous day's session Low (also other previous day's lows)
4. Yellow Levels are levels that show support and resistance levels of interest.
5. White shows the trendline from the August lows
Catatan
8:35am - UpdatePrice has now reached 6789. Ideally, we would like to see a pullback to 6779 area and then look for a reclaim of 6783 to take us higher. Any flush of 6783 and reclaim should be good for points. We have tested 6789 2x overnight and we should get through on the next attempt. We could hit the 6793 resistance, back test 6789 then proceed higher. That would be another area to look long.
Bigger picture, if you look at just a 1-hour time frame you can see that for the week we have made Higher Highs, Higher Lows with yesterday's low at 6760. This level is important to keep the momentum higher.
Catatan
9:38am - UpdateI bought a position at 9:01 am when we reclaimed the 6783 level at 6784 with a stop at 6780, just sold 1/2 position at first target of 6799. Runner is at 6793. Will sell runner at 6807 or will stop at 6793. Price should hold 6790-93 or we could flush lower. I think we stay above that level today.
Catatan
9:43am - UpdateI moved my runner to 6797. IF, we do back test the 6793 level it will stop out (6797) and I will look to long again, IF, price holds or flushes and reclaims quickly. Price is squeezing higher and I would not be surprised if we tag 6819 by end of day.
Catatan
9:54am - UpdateBig sellers stepped in at 6807 level. Price really needs to hold 6790 lowest or this could be a false breakout and we would continue lower down the levels. Bullish if price reclaims 6794.
Catatan
11:01am- UpdateBig sell off and not something you want to stand in the way of trying to pick a bottom. I mentioned that we needed to hold 6750 or we would see lower prices at 6729 first level, then 6705. The way the market just sold off, it will take a while for a base to build and shorts to get squeezed. I would be patient and I may not trade again today. I will see how price does this afternoon.
Catatan
4pm - UpdateI hope everyone didn't try and catch a falling knife today! We haven't had a sell off like this in a while. This will become a normal occurrence during a bear market. Until then, you have to stay disciplined and not start shorting the market because you think you can make a ton of money. I had been discussing this week that 6750 was a big support and that it needed to hold. I did not expect such a massive sell off, but I also would never have shorted, either. The best way to make $$ is to now be patient next week and we will get opportunities on the way back up as its retest's the levels above. 6633, 6645, 6680, 6705, 6720, 6741, 6756 are all levels that should get back tested at some point. IF, price cannot reclaim 6705 and hold 6680 next week, we could be in for 2 red weeks in a row! Weekly Trade Plan out Sunday!
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Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.