November 12th- Daily Trade Plan - 6:50am
*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.
--------------------------------------------------------------------------------------------------------
Yesterday we lost the overnight low of 6836 down to 6830 level and reclaimed to move us higher in the afternoon and into the overnight session today. Yesterday's price action was very choppy, and a big battle was had at the daily low of 6831. This will become a good level next time we can test it and reclaim.
Overnight Low was 6867 and high is 6900. 6867 was yesterday's overnight high and we cleared it around 1pm, built a strong base and held it overnight. This level should be our first level to grab some points today. The RSI is extended on all time frames, and we have CPI & PPI coming up over the next couple of sessions which should give us some actionable volatility. The big question will be - Can we go to ATH's? I believe the re-opening of the government once it is officially through will create volatility and it could be a sell the event moment. If you remember, this current rally we are in started with a massive sell off on Friday that lost a prior weekly low at 6690 (Which is the level I had talked about being very important for us to hold to keep the uptrend going.) Institutions bought it up around noon on Friday down at 6654 and put in a massive squeeze. Then around 2pm that day news came out that Democrats had put a proposal on the table to open the government (Buy the News event). Moving forward over the coming weeks, the weekly low of 6654 will be critical to the uptrend and needs to hold again for us to continue higher.
Key Levels Today -
1. Loss of 6867 and reclaim
2. Loss of 6831 and reclaim
3. Loss of 6796 and reclaim
4. Loss of 6772 and reclaim (possibly as low as 6765 to close the gap)
5. Loss of 6743 and reclaim (possibly down to 6731)
Below those areas and we will most likely need to retest 6654. Price needs to clear 6900 to continue higher with 6918, 6929, 6938, 6953+ being the immediate targets higher.
Key Support Levels - 6889, 6879, 6867, 6854, 6848, 6831-36, 6824, 6809, 6796, 6772, 6765
Key Resistance Levels - 6900, 6908, 6918, 6929, 6938, 6953
We are in a tight range overnight and I still think we need to lose 6867 and reclaim for us to move above 6900. We could easily lose 6889 or 6879 and reclaim to move higher, but those are very micro reclaim levels that I do not like to engage as most liquidity (stops) should be below 6867.
I will post an update around 10am EST
----------------------------------------------------------------------------------------------------------------
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 Levels are previous day's session High/Low
*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.
--------------------------------------------------------------------------------------------------------
Yesterday we lost the overnight low of 6836 down to 6830 level and reclaimed to move us higher in the afternoon and into the overnight session today. Yesterday's price action was very choppy, and a big battle was had at the daily low of 6831. This will become a good level next time we can test it and reclaim.
Overnight Low was 6867 and high is 6900. 6867 was yesterday's overnight high and we cleared it around 1pm, built a strong base and held it overnight. This level should be our first level to grab some points today. The RSI is extended on all time frames, and we have CPI & PPI coming up over the next couple of sessions which should give us some actionable volatility. The big question will be - Can we go to ATH's? I believe the re-opening of the government once it is officially through will create volatility and it could be a sell the event moment. If you remember, this current rally we are in started with a massive sell off on Friday that lost a prior weekly low at 6690 (Which is the level I had talked about being very important for us to hold to keep the uptrend going.) Institutions bought it up around noon on Friday down at 6654 and put in a massive squeeze. Then around 2pm that day news came out that Democrats had put a proposal on the table to open the government (Buy the News event). Moving forward over the coming weeks, the weekly low of 6654 will be critical to the uptrend and needs to hold again for us to continue higher.
Key Levels Today -
1. Loss of 6867 and reclaim
2. Loss of 6831 and reclaim
3. Loss of 6796 and reclaim
4. Loss of 6772 and reclaim (possibly as low as 6765 to close the gap)
5. Loss of 6743 and reclaim (possibly down to 6731)
Below those areas and we will most likely need to retest 6654. Price needs to clear 6900 to continue higher with 6918, 6929, 6938, 6953+ being the immediate targets higher.
Key Support Levels - 6889, 6879, 6867, 6854, 6848, 6831-36, 6824, 6809, 6796, 6772, 6765
Key Resistance Levels - 6900, 6908, 6918, 6929, 6938, 6953
We are in a tight range overnight and I still think we need to lose 6867 and reclaim for us to move above 6900. We could easily lose 6889 or 6879 and reclaim to move higher, but those are very micro reclaim levels that I do not like to engage as most liquidity (stops) should be below 6867.
I will post an update around 10am EST
----------------------------------------------------------------------------------------------------------------
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 Levels are previous day's session High/Low
บันทึก
7:15am - UpdateIF price does clear 6900 before the NYSE open, I would be careful going long until you get a loss of a level and reclaim. It is not always the case, but there is a higher probability that we get a pullback when price goes outside the overnight range before the NYSE open. Something to pay attention to. I much rather see a loss of 6879 or 6867 prior to the open to give Institutions an opportunity to buy and we can ride higher. Remember, retail investors chase, Institutions wait and manipulate price to levels so that they can enter on lower prices, not higher prices.
บันทึก
9:15am - UpdatePrice has not cleared overnight high of 6900 as of writing this note. We could pull back to 6874 and reclaim of 6879 could be a decent micro level to take us higher. Ideally, we flush down to 6865 or 6857 then reclaim 6867 to move higher. This is still the level I would engage in, IF price does not clear 6900 before it does. IF, we clear 6900 and fall back into the overnight range, the 6867 level would still be the level we would want to reclaim or we would want to lose 6845 and reclaim or the highest quality setup is loss of 6831 and reclaim (Yesterday's low). Below 6831 and the loss of 6796 and reclaim would be another quality level.
บันทึก
1pm - UpdatePrice found a low at 6851 and built a really strong base under the overnight low and finally we have broken above it. We just back tested 6868 and I took a position at 6870 and sold 1/2 position at 6879 and I have my runner at 6872. IF this is just a back test of 6879, we should pullback and return below the overnight low. IF this clears 6890, we should continue higher to 6900, 6908, 6918, 6929.
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
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.
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
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.