CPI Possible Pullback into Support Slowing Down Into Support
In following the Bull trend, I am looking for a slowing down of momentum into my support level for another little pop up. Monday and Tuesday were counter trend moves in the consolidation and the retracement.
This week's template is looking like a standard market maker template based on how Monday and Tuesday traded. Expect Wednesday or Thursday to be the mid-week reversal and go back the other way.
Summary:
I am not 100% sure if either my support level of 44,025 will hold or the November FOMC purple line will.
What I am confident in though is that this is not the top as price action is showing me that it wants to make another move up. Whether it breaks the high or make equal highs, I won't know at the moment until I see more price action.
If CPI is to take out the inside pivot high of 44,565 then that will be a 1.20% gain on the day. This is something that is not out of the probability of happening.
This week's template is looking like a standard market maker template based on how Monday and Tuesday traded. Expect Wednesday or Thursday to be the mid-week reversal and go back the other way.
Summary:
I am not 100% sure if either my support level of 44,025 will hold or the November FOMC purple line will.
What I am confident in though is that this is not the top as price action is showing me that it wants to make another move up. Whether it breaks the high or make equal highs, I won't know at the moment until I see more price action.
If CPI is to take out the inside pivot high of 44,565 then that will be a 1.20% gain on the day. This is something that is not out of the probability of happening.
Trade active
I don't know how to make an update to this post without it saying trading active. I am not in a position at the moment. I would like to clarify how I arrived at my support zone.Trade closed: target reached
So I entered in at 07:00 am off of the 15 minute chart. Price did not respect my first support level but it did respect the second November FOMC support level. It made a double bottom and a doji. I did enter before CPI. I only targeted 2.25 risk to reward or 110 ticks. I am satisfied with this trade. I don't care if it went further. I got my target. My main goal was to see if the purple line of November FOMC open release would hold as support and it did.
Note
Here on the 2 hour the purple November FOMC Line held nicely as some short term support for that double bottomNote
The candle that triggered me in was the reverse shooting star type doji candle off of support. I used 50 ticks stop and 110 ticks target. Now my question for tomorrow is: Will the first support level hold as support this time?
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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.