The trade plan is written on the chart with the levels that I believe are important and their entries and profit targets.
I think we will end up seeing a rejection of this S/R flip and the theoretical long within a 2 week period but my initial bias is bearish; there being a 2nd rejection at the current chop zone that I wrote out and an eventual drop down to the cyan levels.
I understand the markets don't appear this way now and the historical probabilities of similar deltas of price over time suggest more bullish price action in theory. I also understand that many talented analysts and traders have a much different analysis than me but I don't think we have seen the entire fallout of the energy markets yet. There is also some data that suggests markets drop after rate cuts, and finally, I think the change in PDT rules is a top signal. I have some correlations of theoretical bearish setups on the other indexes that I will post.
I will not be foolish though, and will trade the levels we get, so I always write out both directions.
All levels must have a candle close below / above them, I do not trade “live” breakouts, due to liquidity sweeps (wick rejects over support / resistance). In order to do this correctly that is something that will need to be respected or you’ll find yourself in the wrath of volatility.
— TWC 🥷
I think we will end up seeing a rejection of this S/R flip and the theoretical long within a 2 week period but my initial bias is bearish; there being a 2nd rejection at the current chop zone that I wrote out and an eventual drop down to the cyan levels.
I understand the markets don't appear this way now and the historical probabilities of similar deltas of price over time suggest more bullish price action in theory. I also understand that many talented analysts and traders have a much different analysis than me but I don't think we have seen the entire fallout of the energy markets yet. There is also some data that suggests markets drop after rate cuts, and finally, I think the change in PDT rules is a top signal. I have some correlations of theoretical bearish setups on the other indexes that I will post.
I will not be foolish though, and will trade the levels we get, so I always write out both directions.
All levels must have a candle close below / above them, I do not trade “live” breakouts, due to liquidity sweeps (wick rejects over support / resistance). In order to do this correctly that is something that will need to be respected or you’ll find yourself in the wrath of volatility.
— TWC 🥷
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.