October 14th - 6:20am
*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.
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ES gapped up on Sunday evening and we were range bound all day waiting patiently on a pullback. We reached our 6632 first target from yesterday overnight but have not had follow through and we now look like we need to close the gap at 6600 at some point today.
Overnight session high was 6720 and our low as of typing this plan is currently 6624. Ideally, we can continue to fill the gap, flush 6540 level, maybe down to 6514, 6495, or a lower level and then reclaim the immediate level above. IF, price does not flush 6540, we need to look for a gap fill and reclaim of 6624. We could also see a quick flush down to 6000, then a reclaim of 6607 would also be potential spot to grab points higher.
I do expect a short squeeze today and I will be patiently waiting to see what price does in the first 30 mins of NYSE Open.
Key Levels for today to grab points:
1. Loss of 6624 and reclaim for points higher
2. Gap closed around 6000 with a reclaim of 6607
3. Loss of 6591 and reclaim for points higher
4. Loss of 6540 and reclaim of 6549 for points higher
IF, price loses any levels lower than 6540, you will want to be patient and let price build a base to take a long on the reclaim of a level above.
Key Support Levels - 6624, 6607, 6600, 6591, 6540, 6514, 6495
Key Resistance Levels - 6632, 6643, 6653, 6674, 6688, 6705, 6720
I will post an update around 10am EST.
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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 shows the trendline from the August lows
*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.
-----------------------------------------------------------------------------------------------------------------
ES gapped up on Sunday evening and we were range bound all day waiting patiently on a pullback. We reached our 6632 first target from yesterday overnight but have not had follow through and we now look like we need to close the gap at 6600 at some point today.
Overnight session high was 6720 and our low as of typing this plan is currently 6624. Ideally, we can continue to fill the gap, flush 6540 level, maybe down to 6514, 6495, or a lower level and then reclaim the immediate level above. IF, price does not flush 6540, we need to look for a gap fill and reclaim of 6624. We could also see a quick flush down to 6000, then a reclaim of 6607 would also be potential spot to grab points higher.
I do expect a short squeeze today and I will be patiently waiting to see what price does in the first 30 mins of NYSE Open.
Key Levels for today to grab points:
1. Loss of 6624 and reclaim for points higher
2. Gap closed around 6000 with a reclaim of 6607
3. Loss of 6591 and reclaim for points higher
4. Loss of 6540 and reclaim of 6549 for points higher
IF, price loses any levels lower than 6540, you will want to be patient and let price build a base to take a long on the reclaim of a level above.
Key Support Levels - 6624, 6607, 6600, 6591, 6540, 6514, 6495
Key Resistance Levels - 6632, 6643, 6653, 6674, 6688, 6705, 6720
I will post an update around 10am EST.
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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 shows the trendline from the August lows
Nota
8:38am - UpdatePrice has filled the gap below and we need to hold 6620 to continue higher without having to retest the overnight low at 6605. We got a nice 40pt bounce from the 6607 level and buying the reclaim of 6624 would have been a nice trade, I discussed this in my daily trade plan. Now we want to look for a loss of 6605 and reclaim that level, my lean is we probably retest 6540 today, IF, we cannot hold 6590 level.
Nota
8:59am - UpdatePrice came back down to the 6616 level, put in a nice bounce and reclaimed 6624. Price is now coming into resistance at 6632. Above 6632 and we should continue higher. IF, we lose 6615, we will need to retest 6607, then levels below, IF, price does not bounce and reclaim 6607. Since we only have 30 mins until the NYSE open, I will wait to see what price wants to do in the first 30 mins. Any reclaim of 6632, should push us higher, IF, price does not lose 6615 before.
Nota
9:04am - UpdateI decided to take the 6632 reclaim as it was a low risk/rewards trade based on price action. I will sell 1/2 position at 6637, then sell runner at 6642. My stop is breakeven at 6632.
Nota
9:13am - UpdateI sold 1/2 my position at 6637 for a quick 5pts. I have my runner at 6632. I will move it to 6635, once price shows it wants to hold 6635 level. IF, price clears 6642 this move could go to 6649, 6658. We have had 2 reclaims of 6624 this am for some good points. Price needs to hold 6615 or we will retest overnight low of 6606. Any flush of 6624 and recovery is bullish today. Also, any flush of 6607 and recovery would be good for some points. Will post an update around 10am.
Nota
9:28am - UpdateRunner stopped out and I have one more trade left for today. Let's see what happens in the first 30 mins of trading. I still think this move can reach 6649, 6658, IF, price does not lose 6615 first.
Nota
9:43am - UpdatePrice needs to hold 6606 or we need to look at 6595 and reclaim of 6606 or 6582, reclaim of 6591. I will be watching these 2 immediate levels for a short squeeze.
Nota
9:56am - I took a position at 6607 and sold 1/2 position at 6618, runner now at 6615. We could get one more pullback here and IF, price can hold 6615, we should continue higher with 6655, 6672 targets , IF, we clear 6642.Nota
10:16am - Update Moved my runner to 6636. Will sell at 6653 or runner will stop out and that will be my final trade of the day. I do think we can reach 6672, but I would rather take profits for the day.
Nota
10:22am - Sold my runner at 6653. Price can just continue higher, but I think a pullback would be healthy to keep this moving higher. This was a short squeeze that needs to clear 6656-60, but it should be a pretty strong resistance. I could be wrong, but that is why I sold my position to maximize my points for the day, since I did not have a trade yesterday due to price action not aligning with my edge. Nota
11:05am - Update Price can continue to run higher, and I had 6672 as my final target on this run. Powell speaks around 12:15pm EST. IF, you are profitable today, there is no reason to push for more when we have a significant event shortly. I will post an update around 3:30pm but going to take rest of day off my desk.
Nota
4:52pm - UpdateI was expecting a pullback today after that nice short squeeze this am. We did not get that pullback until closer to the end of day. Any reclaim of 6692-94 would be bullish overnight and give us another attempt at the 6720 level to take price higher. Ideally, overnight we grind slowly down to the 6606-6624 level, then flush 6593 when I am awake, reclaim it and then we get a nice pop back up the levels. (If only trading was as easy as today's multiple opportunities of clean price action) ... but it never is!
I will post my daily trade plan by tomorrow at 6am EST.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.