November 3rd - Daily Trade Plan - 7:15am
*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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Last week price took out the prior week's low of 6865 and finished the day right at 6867. We gapped up last night and our overnight high is 6902 and our low is 6873 and closed the gap from the Sunday evening open. We still have a gap to be filled from last Sunday's open around 6824 area.
Price is currently building a nice base at the 6893 level, and this is the same level that we had on Friday that broke out and then we sold off after the open. We can see that we have a lower low from Friday at 6843 and 6918 is the high. Technically, price needs to reclaim 6918 to continue higher.
Key Levels Today -
1. Loss of 6893 and reclaim
2. Loss of 6882 and reclaim
3. Loss of 6873 and reclaim
4. Loss of 6867 and reclaim
5. Loss of 6851 and reclaim
6. Loss of 6843 and reclaim
Below these levels and we will probably be selling off pretty hard, and I would probably let price find a support level below and build a base to move higher.
Key Support Levels - 6893, 6888, 6882, 6873, 6867, 6859, 6851, 6843
Key Resistance Levels - 6902, 6908, 6914, 6918, 6923, 6930, 6944, 6953
As of writing this post, 6893 has been building a nice base that should give us a move higher, any price action that clears 6902 prior to 9:30am open, and then can't hold that level, we should expect price to potentially move lower.
Let's see what happens at the open, but my general lean is that IF price can clear 6918, it should give us higher prices in the coming days. IF we lose, 6843, we will probably flush pretty quickly lower.
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.
--------------------------------------------------------------------------------------------------------
Last week price took out the prior week's low of 6865 and finished the day right at 6867. We gapped up last night and our overnight high is 6902 and our low is 6873 and closed the gap from the Sunday evening open. We still have a gap to be filled from last Sunday's open around 6824 area.
Price is currently building a nice base at the 6893 level, and this is the same level that we had on Friday that broke out and then we sold off after the open. We can see that we have a lower low from Friday at 6843 and 6918 is the high. Technically, price needs to reclaim 6918 to continue higher.
Key Levels Today -
1. Loss of 6893 and reclaim
2. Loss of 6882 and reclaim
3. Loss of 6873 and reclaim
4. Loss of 6867 and reclaim
5. Loss of 6851 and reclaim
6. Loss of 6843 and reclaim
Below these levels and we will probably be selling off pretty hard, and I would probably let price find a support level below and build a base to move higher.
Key Support Levels - 6893, 6888, 6882, 6873, 6867, 6859, 6851, 6843
Key Resistance Levels - 6902, 6908, 6914, 6918, 6923, 6930, 6944, 6953
As of writing this post, 6893 has been building a nice base that should give us a move higher, any price action that clears 6902 prior to 9:30am open, and then can't hold that level, we should expect price to potentially move lower.
Let's see what happens at the open, but my general lean is that IF price can clear 6918, it should give us higher prices in the coming days. IF we lose, 6843, we will probably flush pretty quickly lower.
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
Nota
9:02am - UpdateI entered into a position at 6894 as we reclaimed 6893. Price just popped for some reason, so I was able to sell 1/2 position at 6904 and have stop at 6896. IF price does not continue higher (Clearing the 6908 bull/bear line) I have talked about, I would be looking for price to head lower. I will trail my runner up and will sell it at 6906 or it will stop out at 6896. I will then sit back and wait to see if we get another good level loss and reclaim. 6893 is now weak and could flush if it is retested. This could be a similar scenario as we had Friday and mentioned in the daily trade plan.
Nota
9:15am -UpdateI sold my runner at 6904. Price could continue higher, but since this was a level reclaim and not a failed breakdown and price has not followed through. It is better to take profits and see what happens after the open in 15mins.
Nota
10:18am - UpdatePrice is having a tough time finding a low since the 9:30am open. Any reclaim of 6873 should be actionable. Below that and I would be watching the flush of 6859 and reclaim of 6865. 6843 level is Friday's low and the highest quality below 6859.
Nota
12:40pm - UpdateWe put in a nice low at 6849 at 10:32am (Daily Trade Plan - 6850 reclaim) and we rallied into the 6886 resistance. I was off my desk when this transpired, so did not manage a trade at this level. You can look on the 2hr chart and see that since Thursday we have been building a base below 6850 with the low last week being 6842. We need to clear 6918 to continue higher and IF price loses 6842, we will most likely flush pretty fast. The loss of 6865-70 is our first big warning sign that we are going to head lower. We are in a choppy range and until we clear 6918 or lose 6842, we need to be patient and wait for quality setups at good levels.
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Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.