September 29th - 5:15am EST
*Before reading this trade plan, IF, you did not read Friday's, 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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We opened last night as expected with continued momentum. The overnight session low was 6697 and as of writing this post, we are coming into the high of the session at 6730-32. I stated in my plan on Friday, that "until we clear 6684, bears are in control". We cleared 6684 around noon on Friday and have not looked back since. We are coming into a strong resistance level at 6730-32 and I do expect us to pull back this morning and will be looking for a quality setup to go long and keep the momentum higher.
Key Support Levels - 6684, 6697, 6705, 6715, 6725
Key Resistance Levels - 6730-32, 6737, 6744, 6755
Weekly Targets - 6760, 6767, 6776, 6786, 6800+
First level we are looking to defend will be 6715-6718. Any flush below and reclaim of 6725 should give us another attempt at clearing 6730-32 level.
Ideally, we can get a flush down to 6697-6700, reclaim 6705 and then long back up the levels.
IF, price loses 6684, we will need to look for flush and reclaims to get us moving back up the levels. I do not anticipate a loss of 6684 today as we close out end of month tomorrow.
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 shows the trendline from the August lows.
*Before reading this trade plan, IF, you did not read Friday's, 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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We opened last night as expected with continued momentum. The overnight session low was 6697 and as of writing this post, we are coming into the high of the session at 6730-32. I stated in my plan on Friday, that "until we clear 6684, bears are in control". We cleared 6684 around noon on Friday and have not looked back since. We are coming into a strong resistance level at 6730-32 and I do expect us to pull back this morning and will be looking for a quality setup to go long and keep the momentum higher.
Key Support Levels - 6684, 6697, 6705, 6715, 6725
Key Resistance Levels - 6730-32, 6737, 6744, 6755
Weekly Targets - 6760, 6767, 6776, 6786, 6800+
First level we are looking to defend will be 6715-6718. Any flush below and reclaim of 6725 should give us another attempt at clearing 6730-32 level.
Ideally, we can get a flush down to 6697-6700, reclaim 6705 and then long back up the levels.
IF, price loses 6684, we will need to look for flush and reclaims to get us moving back up the levels. I do not anticipate a loss of 6684 today as we close out end of month tomorrow.
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 shows the trendline from the August lows.
Note
7:25am - IF, price is going to keep going higher, we need to clear 6738-40 then 6756. 6738 is a key level and while we can just move higher today and keep going, be careful as the NYSE opens and let's see what price wants to do with the end of month/quarter happening tomorrow. We could easily chop around between 6650-6740 with 6684 being the bull/bear line. Make sure you take profits at the next level and do not think that price will just naturally keep going higher.Note
8:50am - UpdateYou can see that at 7:50am we lost the 6725 level down to 6723 and then reclaimed and went higher. I was off my desk and missed this level reclaim, but it was good for a nice pop back to 6731 level. IF, price retest's 6725 area, we probably go lower and will need to see IF, price can flush 6715 level and then back test 6725 and potentially go higher and retest the overnight high. Now, that we are coming into the 30 min prior to the open, I will wait and see what price does after the open and look for lower levels to flush and reclaim. Update around 9:45am-10am.
Note
9:54am - I have entered a position at 6719.75 with a stop at 6718.75. Price should retest 6725, first level. Then will leave a runner up levels or stop at breakeven. Note
10:05am - Sold position at 6725.25 and my runner just stopped out. This is a tricky zone and price should clear 6725 and head higher. I will be waiting for us to pullback below 6715 for another long position. I am happy to sit back and see what price wants to do with a green trade in the books.Note
10:15am - UpdatePrice continues to try and clear 6732. Price needs to hold 6719 to continue higher. IF, price can't hold 6719, we will need to test 6711, 6705 and then a reclaim of 6715 would be bullish.
Note
11:25am - UpdatePrice could not hold 6719 and flushed to 6710. It is trying to back test 6719-22. While price could go higher here. Since it is 11:25am and we are getting close to the lunch hour, my lean is that we chop around and fake out bulls. 6705 and reclaim of 6711 would be bullish, but ideally, we can flush down to 6694-97, reclaim 6702 to back test 6710. Remember that 6684 is a key level from last week that a flush down to 6679-82 and reclaim of 6685 should be another good spot for points. I am looking for one more good level to trade some points at today. Be patient.
Note
1:18pm - UpdatePrice has been grinding down into some of the key support levels, but we have not found a good entry so far. Price at time of writing is trying to hold the 6702 level but needs to reclaim 6707-10 and build a base. I am not rushing in at the moment and going to look a little further below.
6684-6687 is the next best level below 6697. Ideally, we flush down to 6684-87, reclaim 6688 and we move higher. I will also take a loss of 6697 and reclaim of 6702-05 as a good level to head up the levels, also.
Note
2:01pm - UpdatePrice built a nice base and reclaimed the 6701.50 level. I was able to take a small position at 6702 and I have my stop at breakeven. I think price can continue higher into the close. We are currently holding the 6707 level, which is a good sign. We should be able to at least retest the 6715 level. I will close out my position at 6709 or will stop out at 6704.
Note
2:06pm - UpdateWe hit 6709 and as I said in my note at 1:18pm that price needed to reclaim 6707-6710. We should not pullback more than 6704. We are at a key resistance, and it needs to go to keep it moving higher. I was able to catch more than my 10pt target to start the week and will wrap up for the day. I will try and send out the daily trade plan tonight but will most likely be tomorrow around 6am. Today was complex trading as we got chopped around in small windows and still as of writing not really broken out above any resistances. Hopefully, we get a nice sell off overnight to position us for a nice move higher tomorrow.
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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.