What is the Weekly Bar doing? Is it rising upwards or moving down from a higher open?.... DOWN
What is the Monthly Trend? Is it swinging up from the Monthly lows or Reversing Down from the Monthly 50% level?..... Reversing Down
Where is price is relation to the Weekly 50% level and the 5-day 50% level?..... BELOW
This suggests that the overall 5-day pattern is weak, and any further downside can follow the Weekly Bar and close lower continuing down towards the 3-day cycle lows once again. (Top-to-Bottom Weekly Bar)
Price has followed the expectation that 'January lows' will play a major resistance level and remain range bound between higher timeframe levels, as per Weekly Report....
Wednesday.....
Do I trade Longs on the 3rd day after a 2-day reversal?
YES, but I will be optimising my contracts to lesser positions (higher Risk)
Whenever the market opens in a 'Gap', and still inside the 5-day range, the expectation the market will move upwards to close the gap, and that gap is the 5-day 50% level.
After that move upwards, the rest of the day has a random outcome, it can stall and reverse following the higher timeframe analysis DOWN, or it might continue upwards
(3rd day rising).
Note: - There are no rules to say you have to trade the open, there is enough 'R44' Range rotation occurring each day that opportunities present themselves when the Spiral-Points and levels in the market align, as was the case with Monday and Tuesday...
And the Same today....All I'm personally interested in, is Trading the 'Money Pattern', others can hold as long as they want, as price moves from one timeframe level to the next.
What's my high probability long trade set-up :- higher Risk????
I would like to see a 22-point move against the open before thinking about trading long positions, and then look for a move upwards into the 'Gap'... I don't have any support to trade Longs from......
After that move the rest of the day is random, and I will trade again if certain levels and Spiral points align, because of my view of the higher timeframe Trends
Day-trading Interest levels are previous 5-day 50% levels 5656, 5707, 5729, along with Spiral points
"At this stage it's about rotation towards 5-day 50% levels and then trading outward within the 5-day pattern ranges."
Posts
