November 21st- Daily Trade Plan - 6:45am
*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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I mentioned the following a couple of times this week in my Daily Trade Plan -
"Remember, we have Thanksgiving next week and I would not be surprised if price tests the 6540 level by Friday and we rally end of the week as retail and sentiment becomes more bearish."
Yesterday's Daily Trade Plan I wrote the following:
"Price can reach 6775-85 area that will be a good resistance level. As I have said many times, when price rallies like it has before the NYSE Open, it could be a trap, and Institutions could start selling around the 6775-85 area. We will need to see what price does in the first hour."
In my note at 1:55pm yesterday I wrote -
"Price is trying to lose the daily low and if we do, we should be looking at 6570 (Reclaim of 6592) or 6540 (Reclaim of 6550) being the next key levels to grab some points. When price has such a massive red day the way it has been on the 1hr chart. It is better to wait for the weekly lows and be patient."
Yesterday it looked like price was going to just take off and we had found our low for the week, then Institutions pulled the rug at 6790 and when you have more than 2 - (15 min red candles) like we did yesterday, just wait and be patient for price to find a low, flush it and recover it. Price tried to recover 6592 late afternoon but couldn't. Since we had a massive red day, we should attempt to retest the levels above all the way up to 6726 at minimum when we get the squeeze higher.
Overnight high is 6594 and the low is 6525. We attempted this am a nice flush and recovery of 6540 (Yesterday's Low) but have found resistance at 6570. If price can take out the 6594 level and back test it to move higher, that would be a nice level to look for points to take us higher. Below that we need to flush 6540 and reclaim or 6525 and reclaim.
I have no idea what price will do today, but my general lean is that we flush 6540 or 6525 and reclaim these levels for a squeeze higher. If price is flushing lower, I will just wait for the reclaim of these levels to ride higher. The other level I will be watching is 6594 and looking for a back test of that level to enter for higher prices.
Key Levels Today -
1. 6540 flush and reclaim
2. 6525 flush and reclaim
3. 6594 take out this level and enter on a back test.
We might only get a sell off down to 6550 with price taking out 6572 would be a good micro level to enter for a test of 6594.
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 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.
--------------------------------------------------------------------------------------------------------
I mentioned the following a couple of times this week in my Daily Trade Plan -
"Remember, we have Thanksgiving next week and I would not be surprised if price tests the 6540 level by Friday and we rally end of the week as retail and sentiment becomes more bearish."
Yesterday's Daily Trade Plan I wrote the following:
"Price can reach 6775-85 area that will be a good resistance level. As I have said many times, when price rallies like it has before the NYSE Open, it could be a trap, and Institutions could start selling around the 6775-85 area. We will need to see what price does in the first hour."
In my note at 1:55pm yesterday I wrote -
"Price is trying to lose the daily low and if we do, we should be looking at 6570 (Reclaim of 6592) or 6540 (Reclaim of 6550) being the next key levels to grab some points. When price has such a massive red day the way it has been on the 1hr chart. It is better to wait for the weekly lows and be patient."
Yesterday it looked like price was going to just take off and we had found our low for the week, then Institutions pulled the rug at 6790 and when you have more than 2 - (15 min red candles) like we did yesterday, just wait and be patient for price to find a low, flush it and recover it. Price tried to recover 6592 late afternoon but couldn't. Since we had a massive red day, we should attempt to retest the levels above all the way up to 6726 at minimum when we get the squeeze higher.
Overnight high is 6594 and the low is 6525. We attempted this am a nice flush and recovery of 6540 (Yesterday's Low) but have found resistance at 6570. If price can take out the 6594 level and back test it to move higher, that would be a nice level to look for points to take us higher. Below that we need to flush 6540 and reclaim or 6525 and reclaim.
I have no idea what price will do today, but my general lean is that we flush 6540 or 6525 and reclaim these levels for a squeeze higher. If price is flushing lower, I will just wait for the reclaim of these levels to ride higher. The other level I will be watching is 6594 and looking for a back test of that level to enter for higher prices.
Key Levels Today -
1. 6540 flush and reclaim
2. 6525 flush and reclaim
3. 6594 take out this level and enter on a back test.
We might only get a sell off down to 6550 with price taking out 6572 would be a good micro level to enter for a test of 6594.
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
註釋
11:05am - UpdateWe got a very actionable failed breakdown of 6540 at 10:37am. We lost it down to 6539.25 reclaimed, back tested 6540.25 and then rallied for 30pts. This was the highest quality failed breakdown you will get in a choppy market like today. You have to be patient and wait for price to come back to your level and then trust the process from there. IF we lose 6540 level, we should pull back to retest the 6525 level and a failed breakdown of that would be very actionable.
註釋
11:55am - UpdatePrice rallied above 6599 (Overnight High - 8:22am), back tested down to 6598 and rallied. I was able to get into a position at 6604 at 11:48am and I just sold 1/2 position at 6615 and my stop is at 6615 for my runner. Pirce can go much higher, but this could also be forming a bear flag (15 min chart). I will sell at 6625 or will stop out. That will be all the positions for me today. Have a great weekend.
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