9:15am - Daily Trade Plan
I wrote last night that " CPI is tomorrow at 8:30am and my lean is that we hold today's low overnight and continue to move sideways between 6387-6414. Ideally, we can flush down below 6380 and reclaim today's lows of 6387. The levels in yellow and a reclaim of the white trendline are the levels I am watching to trap shorts and move us up higher and out of the range."
Price set an overnight low of 6392 and we touched that level 3X overnight and into this am. You can see that price engaged the trendline areas, flushed below and then rallied. At 7:45am we started to build momentum and when CPI came out we rallied to 6440 area and are currently back testing the breakout zone. IF, price can hold the 6411-14 area, we should be able to put in a nice bull flag and continue up after the 9:30am NYSE open.
IF, price losses the 6410 level, we might need to try and dip below yesterdays low at 6387 and then rally up.
We are still targeting the levels above at 6452, 6468, 6480 to hit this week.
Follow me to be notified of my daily trade plan.
I wrote last night that " CPI is tomorrow at 8:30am and my lean is that we hold today's low overnight and continue to move sideways between 6387-6414. Ideally, we can flush down below 6380 and reclaim today's lows of 6387. The levels in yellow and a reclaim of the white trendline are the levels I am watching to trap shorts and move us up higher and out of the range."
Price set an overnight low of 6392 and we touched that level 3X overnight and into this am. You can see that price engaged the trendline areas, flushed below and then rallied. At 7:45am we started to build momentum and when CPI came out we rallied to 6440 area and are currently back testing the breakout zone. IF, price can hold the 6411-14 area, we should be able to put in a nice bull flag and continue up after the 9:30am NYSE open.
IF, price losses the 6410 level, we might need to try and dip below yesterdays low at 6387 and then rally up.
We are still targeting the levels above at 6452, 6468, 6480 to hit this week.
Follow me to be notified of my daily trade plan.
Note
11:16am - UpdatePrice held the 6411 level I mentioned above and has rallied to the first target of the week at 6452. I would expect a pull back before heading up to the next levels. I will post an evening session trade plan around 5pm EST and recap todays successful trade plan!
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Related publications
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.