December 8th- Daily Trade Plan - 7:10am
*Before reading this trade plan, if you did not read yesterday's take the time to read it first! (You can view the 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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I would go back and review Friday's trade plan and the updated notes throughout the day. It was a great day that produced some great levels for points. It started out with the flush and recovery of 6861. 6874 then became a magnet level that produced some great flushes to 6867 and reclaim of 6874. Overnight we flushed down to 6872 (Overnight Low) and reclaimed 6874 for a nice 22pt move that created the Overnight High of 6893. As of writing this post we lost a micro support at 6888 and are bouncing at 6880. Since we are in a tight range and we have FOMC on Wednesday we may continue to chop around the next 2 sessions until we get a breakout or breakdown later this week.
Key Levels Today
1. 6880 - Flush and Reclaim (lower quality)
2. 6872 - Flush and Reclaim (high quality)
3. 6867 - Flush and Reclaim (high quality)
4. 6857 - Flush and Reclaim (highest quality)
While we need to focus on the current trend (which is up) any loss of 6857 (and no quick reclaim) would change the structure of the trend. Price needs to clear 6904 to create higher highs.
Below these levels and price will most likely be selling off and I would be getting out the way and let price find a level below to reclaim and move higher.
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 a current or prior 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 shows core support/resistance levels
5. White shows overhead resistance/targets
*Before reading this trade plan, if you did not read yesterday's take the time to read it first! (You can view the 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.
--------------------------------------------------------------------------------------------------------
I would go back and review Friday's trade plan and the updated notes throughout the day. It was a great day that produced some great levels for points. It started out with the flush and recovery of 6861. 6874 then became a magnet level that produced some great flushes to 6867 and reclaim of 6874. Overnight we flushed down to 6872 (Overnight Low) and reclaimed 6874 for a nice 22pt move that created the Overnight High of 6893. As of writing this post we lost a micro support at 6888 and are bouncing at 6880. Since we are in a tight range and we have FOMC on Wednesday we may continue to chop around the next 2 sessions until we get a breakout or breakdown later this week.
Key Levels Today
1. 6880 - Flush and Reclaim (lower quality)
2. 6872 - Flush and Reclaim (high quality)
3. 6867 - Flush and Reclaim (high quality)
4. 6857 - Flush and Reclaim (highest quality)
While we need to focus on the current trend (which is up) any loss of 6857 (and no quick reclaim) would change the structure of the trend. Price needs to clear 6904 to create higher highs.
Below these levels and price will most likely be selling off and I would be getting out the way and let price find a level below to reclaim and move higher.
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 a current or prior 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 shows core support/resistance levels
5. White shows overhead resistance/targets
Note
8:45am - UpdatePrice was able to test 6881 and produced a nice bonce into 6893 for a 13pt bounce. Overnight high has been tested 2x now but sold off both times. Price will most likely need to flush below 6881 to run stops and grab liquidity for institutions to take price higher. Ideally, we can flush down to 6868-70 and reclaim 6872 to move higher. I do anticipate if price tests the overnight high again, we should continue higher. Maybe one more dip before it takes it out.
Note
11am - UpdatePrice has not found a low today and keeps bouncing and fading at our core levels. The only levels I will trade is the reclaim of 6857 or 6836 if we get it today. Below and price will need to build a base. You have to be patient when price sells off like it has.
Note
2:31pm -UpdatePrice did come down to 6836 level, and I was able to enter into a position at 6838 with a stop at 6836. You can see at 13:58pm we lost 6836 at 6835.25, popped above 6836 then back tested it and I entered at 14:04pm and price has been trying to hold 6837-40. Price should rally here but this is a low R/R trade. Ideally price would have broken out by now, so there is a chance this fails. Since we are getting close to last hour of trading, we should continue higher. I will take profits at 6848 then leave a runner to see if we can reach 6862 before end of day. Tough day as none of the levels got any major follow through and did not hold any of the key levels once it did clear them.
Note
3:13pm - UpdateI sold 3/4 of my position at 6847 and have my runner stop at 6840. Let's see if price can rally above 6850 before end of day.
Note
Price finally broke above 6848 and I closed out my runner at 6855. Decent day with little follow through. New day tomorrow. Will post trade plan by 6:30am EST.
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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.