Dow Jones Range Forming Between 44,000 and 45,000

5 Şub

Outlined below, I have a range forming from the Monday Initial balance. The three price levels to watch are:

the weekly open (44,566)
50% of the range (44,393)
the bottom 25% of the range (44,154)

And of course, the high and low of this range. Where does price intend to go first?

I am looking for the weekly open to turn into resistance

I am looking for the low formed at the 50% of the range to be a target to get hit

I am looking for the bottom 25% of the range to act as a major support buy


Currently, in this exact moment, price is in the top 75% of the range and to me, this means No buys and in selling territory. Tuesday opened with a gap up and immediately sold down to the 50% of the range. It then did a creeping trend, grinding higher in a pullback back up into the top 75%. Because of the creeping trend, the low at the 50% and price being in the top 75%, I will find a shorting opportunity and target that low at 44,353

5 Şub

Not

Look for a shorting opportunity using yesterday's high as resistance. If you miss this trade, then look for the daily open to form resistance. Target that low as a high probability target. Around 300 ticks plus or minus depending on where you get in at.

5 Şub

İşlem aktif

I placed a limit order last night at 44,743 and got filled by a wick. I have to say, this is one of my best entries in the last couple of years. Now to let the trade play out. I am holding strong for the low to be taken out at 44,346.

There is only two options:

Price is turning bullish and is bouncing off the weekly open as support and I get stopped out.

Price is still bearish and will resume its dump to take out the low.

5 Şub

Not

Price needs to hit that wick's high to fulfill an objective. In order to do that, it must then take out that low. Because price is in the top portion of this range, one would logically assume that selling would be the best outcome. Not to buy high.

I will update again later if I am stopped out, or target hit. I did my part, now it's the market's job to follow through or I fire this trade.

5 Şub

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