Summary
l HTF trend is turning BEARISH and there is a INVERTED Hammer in DTF and WTF which means, market looks bearish. However, MTF candle is DOJI. So, if this also shows weakness by month end. I think, we will look at beginning of downtrend which means we can go sideways and lot of whiplashes can be seen.
l Pivot analysis infers bearish bias and will be a sideways/trading range day.
VERDICT
l Market looks bearish to sideways and any weakness is an opportunity to sell.
l 15750/800 will be key levels to watch for selling and support at 15550/15600.
l Fade the edges and book quick profits, since its "sideways day".
**********************************************************************************
Step 1 - Strategies to be deployed -
l Open drive rejection
l PPT.
l Evening star.
l RCR
l CPRRVL
Step 2 - Trading Plan
1. Any bullish PA above 15630 level is a long with stop of 15605 and target of 15683.
2. Any bullish PA at 15600 is long with stop of 15570 and target of 156340.
3. Aggressive longs above 15768 only with stop of 15747 and target of 15822.
4. Any bearish PA below 15760 is a short with stop of 15777 and target of 15700.
5. Any bearish PA below 15597 is a short with stop of 15625 and target of 15561.
6. Aggressive shorts below 15448 with stop of 15502 and target of 15414.
Personally, I may even sell a straddle if there is no big candle/movement by 9:50am. keep your position size in control.
This information is for education purpose only. So, please consult your financial advisor for any investment/trading advise.
Have a nice day!!
@Mockingbanana
l HTF trend is turning BEARISH and there is a INVERTED Hammer in DTF and WTF which means, market looks bearish. However, MTF candle is DOJI. So, if this also shows weakness by month end. I think, we will look at beginning of downtrend which means we can go sideways and lot of whiplashes can be seen.
l Pivot analysis infers bearish bias and will be a sideways/trading range day.
VERDICT
l Market looks bearish to sideways and any weakness is an opportunity to sell.
l 15750/800 will be key levels to watch for selling and support at 15550/15600.
l Fade the edges and book quick profits, since its "sideways day".
**********************************************************************************
Step 1 - Strategies to be deployed -
l Open drive rejection
l PPT.
l Evening star.
l RCR
l CPRRVL
Step 2 - Trading Plan
1. Any bullish PA above 15630 level is a long with stop of 15605 and target of 15683.
2. Any bullish PA at 15600 is long with stop of 15570 and target of 156340.
3. Aggressive longs above 15768 only with stop of 15747 and target of 15822.
4. Any bearish PA below 15760 is a short with stop of 15777 and target of 15700.
5. Any bearish PA below 15597 is a short with stop of 15625 and target of 15561.
6. Aggressive shorts below 15448 with stop of 15502 and target of 15414.
Personally, I may even sell a straddle if there is no big candle/movement by 9:50am. keep your position size in control.
This information is for education purpose only. So, please consult your financial advisor for any investment/trading advise.
Have a nice day!!
@Mockingbanana
Trade closed: target reached:
Plan 2 done.
Comment:
Plan 1 done
Comment:
View went wrong. I was hoping it will be sideways day but, market was in mood for trending day. That's why its better to have trading plan, which helped beautifully.