November 19th- Daily Trade Plan - 7:50am
*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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Quick recap of yesterday - Loss of 6635 and reclaim
We lost 6635 at the open and it was a pretty big solid red candle. We then had buyers' step in around 6603 and we had a battle between 6603-6635. We never reclaimed the 6635 level until 11:30am (15 min) candle and that was a great flush below 6603 and reclaim and that was the entry as we can see that price lost a key level (In this case it was weekly and session low) that when reclaimed rallied and you could have entered at any of the key levels above to rally into the 6684 resistance.
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Overnight low is 6614 and overnight high is 6668. As I type this trade plan, price is coming into the 6668 level and is trying to stay above 6658. This should be pretty straightforward today.
Key Levels Today
1. 6614 - We should get one more flush and reclaim of this level before we have to retest yesterday's low at 6595.
2. 6635 - This is the Bull/Bear line in this choppy range between 6684 - 6595. IF we can lose this level and reclaim it should be good for a bounce.
3. 6607 - Any loss and recovery of this level should give us some points.
4. 6595 - Highest Quality level that a loss down to 6581 and recovery should be a good level for points.
Below there and we do not have much of interest until 6570 with 6550 & 6539 the highest quality levels to engage in.
NVIDIA earnings are out after the bell, and my general lean is that price will not do too much today and should continue to chop in this range and overnight could have a sell off down to the 6540 level and then rally and put in the weekly low tomorrow. (This is not information I am trading on, just an observation of how price could react). I will be trading only the flush and reclaim of the levels I have outlined. 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.
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.
--------------------------------------------------------------------------------------------------------
Quick recap of yesterday - Loss of 6635 and reclaim
We lost 6635 at the open and it was a pretty big solid red candle. We then had buyers' step in around 6603 and we had a battle between 6603-6635. We never reclaimed the 6635 level until 11:30am (15 min) candle and that was a great flush below 6603 and reclaim and that was the entry as we can see that price lost a key level (In this case it was weekly and session low) that when reclaimed rallied and you could have entered at any of the key levels above to rally into the 6684 resistance.
---------------------------------------------------------------------------------------------------------
Overnight low is 6614 and overnight high is 6668. As I type this trade plan, price is coming into the 6668 level and is trying to stay above 6658. This should be pretty straightforward today.
Key Levels Today
1. 6614 - We should get one more flush and reclaim of this level before we have to retest yesterday's low at 6595.
2. 6635 - This is the Bull/Bear line in this choppy range between 6684 - 6595. IF we can lose this level and reclaim it should be good for a bounce.
3. 6607 - Any loss and recovery of this level should give us some points.
4. 6595 - Highest Quality level that a loss down to 6581 and recovery should be a good level for points.
Below there and we do not have much of interest until 6570 with 6550 & 6539 the highest quality levels to engage in.
NVIDIA earnings are out after the bell, and my general lean is that price will not do too much today and should continue to chop in this range and overnight could have a sell off down to the 6540 level and then rally and put in the weekly low tomorrow. (This is not information I am trading on, just an observation of how price could react). I will be trading only the flush and reclaim of the levels I have outlined. 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.
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
Note
9:20am - UpdatePrice built a nice overnight resistance at 6650 and then we broke higher to 6668 and have now lost the 6650 level. This should be a good micro level to take us higher, IF price does not lose 6635 or you miss the reclaim of 6635, you can wait for 6650 to clear by 3-5pts, wait for a back test of 6650 or see a couple of red candles showing price trying to sell then enter for a level to level trade and retest the 6668 overnight high.
Note
9:42am - UpdatePrice flushed down to 6636 at 9:30am, then lost it by 2pts to 6635 and took off. I was able to grab a position at 6643. I just sold 1/2 position at 6657 and my runner is now at 6650. I will sell my runner at 6665 as I anticipate a pullback before clearing the overnight high. We can pull back to 6657 and should be a good spot flush and recover to continue higher.
Note
10am - UpdateBe careful chasing on this squeeze. We can continue higher, but 6693 would be a potential area that price hits resistance and comes back down to back test the 6668 level. IF price loses 6668 and does not hold and rally higher, we could sell off back down the range with 6614 being the next best level to grab points to long and back test the 6635 level. IF price can hold 6668 today, we should continue higher in the coming days, and yesterday's low was the weekly low.
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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.
Related publications
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.