High of the week sell off of Weekly Open and Golden Pocket
With Monday and Tuesday off the books, we have the last three days left in this weekly template.
I see an obvious peak formation high printed on Monday and to me, this looks like Monday will set the high of the week.
The opening price of the week is at the neckline of that peak formation high. It also coincides inside the golden pocket of Mondays range as well.
To me, this looks like a down/doji weekly candle that will be printed. Small doji weekly candles have a range of about 350-500 ticks from high to low. If Monday is indeed the high of the week, then 500 ticks down will be at 39,700 and at around 1.5 times the range expansion of Mondays high to low range.
I will place a sell limit at 40,150 on the hourly chart
I will place a stop loss of 75 ticks above the "high of the week" if it holds.
I will place my target at 1X range expansion at 296 ticks
I see an obvious peak formation high printed on Monday and to me, this looks like Monday will set the high of the week.
The opening price of the week is at the neckline of that peak formation high. It also coincides inside the golden pocket of Mondays range as well.
To me, this looks like a down/doji weekly candle that will be printed. Small doji weekly candles have a range of about 350-500 ticks from high to low. If Monday is indeed the high of the week, then 500 ticks down will be at 39,700 and at around 1.5 times the range expansion of Mondays high to low range.
I will place a sell limit at 40,150 on the hourly chart
I will place a stop loss of 75 ticks above the "high of the week" if it holds.
I will place my target at 1X range expansion at 296 ticks
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