- I'll finalize my trading strategy in the morning after analyzing the Globex session.
- I'll have in mind different strategies in regards to open location: in VA, away from VA:
- in taking the trades described lower, I'll gauge how the market is trading, if we have a high/low volume day, if we have momentum & to which side
- I have to be flexible & have the ability to adapt & apply a suitable strategy that fits market conditions
Note: -if you read this start from the bottom & go up
- S/R levels & TA from 30 min chart (i'm not gonna include Globex session activity):- to the upside:
- - initial & weak R=1156.25 - was S for 2 sessions, turned into R Friday, also the closing price of the session & for the previous week, just an area to watch not to base trades on it
- - R=1157.25, this is an interesting area because turned into R Friday after being an pretty strong S over the last sessions, price was rejected right away from it. Also it is the starting point of the singles (OTF) & VAH from Friday, IMO we might get a rejection on first touch of this level so could be a nice short entry location. On the other hand, if volume and momentum we'll push prices higher could be a good long location with target the next level R=1160.25.
- - strong R=1160.25 this level was a pretty weak S & turned into R with the participation of OTF, starting point of the singles to the downside, also in the proximity of the WPOC=1160.75 & the base of the HVN. If we get to this level I'm expecting it to hold pretty strong, I'm counting on the OTF and I think it will be a very good short entry location.
- to the downside:
- - initial S=1154.50, POC, just a high volume area, where people found "happiness" during Friday session, area just to watch, not to base trades on
- - S=1152.00, VAL, first true S found on Friday, turned into S from R on FED day, upper base of a HVN. I see this level as an equal opportunity entry point, either long or short, I'll make a much clear decision after analyzing the overnight activity. On a first glance: a good long entry location for a first target POC, a second possible target VAH; a fairly good short location for a move down to the next S
- - strong S=1150.00 area, IMO a pretty strong S area, the presence of OTF buyer, buying tail, WVAL, LVN, long rejection candles during the day when first became S. If we get to this level, I'm expecting it to hold pretty well, I'm counting on OTF and I think it's a very good location for a long.
- - S=1148.50 can be included as an extension of the S=1150.00 area, same theory applies. A break away from this level might be a good short location with target next level of S.
- - strong S=1145.50-1144.00 area, I see this level as a strong S because it's the upper base of an HVN, acted as a key R/S area for the move up we had during the last week. Area have been conquered with conviction last Monday, tested and rejected Tuesday with the help of OTF (buying tail). If price gets here could be a very good long location. On the other hand, if we'll encounter selling pressure off this area, we'll go short for the NPOC=1139.25.
- from Friday MP chart:
- VAH=1157.00
- VAL=1152.00
- POC=1154.50
- single prints from: 1160.25-1157.50 (showing the presence of the OTF sellers)
- buying tail from: 1150.25-1151.75 (showing the presence of OTF buyers which drove the price back into upper part of VA
- NPOC=1139.25 from March 15
- from weekly MP chart (which is too long to fit, 29 pts range):
- WVAH=1163.25=Strong R (quick rejection from this area & failure to converting it in S during 3 trading session)
- WVAL=1150.00 (almost the LOD on Friday, it's an interesting area to keep in mind for the next week, I think it might provide good trading locations)
- weekly close=1156.25 (interesting almost in the middle of VA; above the middle of the weekly range, indicating market balance)
- mid weekly point=1151.00 (in the lower part of the VA)
- WPOC=1160.75 (which can act like a strong R
No comments:
Post a Comment