Looking for at least a short term bounce off this gap support with fib clusters. Must be careful with this one and keep stops tight. If the gap is lost to the down side the lower green zone is the next area of significant support and it's a ways down. My initial profit zone would in the 370 area. Best setup is to watch for a lower time frame reversal pattern in or above the top green zone and manage risk that way. I will do my best to update the chart if I see a reversal pattern forming that I like.
Additional Info:
I am an intraday scalper and short term swing trader of stocks & Futures using options and equity.
I focus on high volume momentum stocks in strong uptrends.
My time frame is between 5minutes to 5 days on most trades.
I scale into positions and scale out of positions as my targets are hit.
I always trail my stops after T1 is hit to reduce risk and lock in gains.
If my post is on a Weekly/Daily/240M chart the idea is a swing trade.
If my post is on a 60M chart or lower the idea is a day trade.
Day trades can turn into swing trades if the stock is strong.
All trades should be supported by market direction.
Treat my posts as trade ideas and not signals.
Traders must trade using their own back tested trade plan and rules.
Traders must plan risk first and profits second.
Happy Trading!
Additional Info:
I am an intraday scalper and short term swing trader of stocks & Futures using options and equity.
I focus on high volume momentum stocks in strong uptrends.
My time frame is between 5minutes to 5 days on most trades.
I scale into positions and scale out of positions as my targets are hit.
I always trail my stops after T1 is hit to reduce risk and lock in gains.
If my post is on a Weekly/Daily/240M chart the idea is a swing trade.
If my post is on a 60M chart or lower the idea is a day trade.
Day trades can turn into swing trades if the stock is strong.
All trades should be supported by market direction.
Treat my posts as trade ideas and not signals.
Traders must trade using their own back tested trade plan and rules.
Traders must plan risk first and profits second.
Happy Trading!
Note
Here's an example of what I am looking for before entry into ZM. Once price is at or in the green box I want to see some pattern I can trade and control risk. Here's 2618 setup. Let's see what happens.Note
No trade yes as the reversal pattern did not trigger. Must be patient and wait for reversal confirmation. Looks like it wants to close the gap at 325.90 so we will watch that area.Note
Offering a second attempt an entry. Broke the downward trend line. I'm looking for a pull to the line. Warning=still has not fully filled the gap to 326. Could take partial position on pull back to line then add at a potential gap fill. This works with my system. Make sure you have your own plan and system before entry.Note
Took an entry off the top of the green box as it pulled back to the trendline. If the broader market decides to sell of this could be a quick stop out but an entry at this level offers a decent risk to reward setup. The biggest risk is always a gap down on an overnight hold.Note
Trimmed a little on break of high at 364 to reduce over all exposure on election day.
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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.