*Behind the levels *
Market Structure.
Short Term Trend. All timeframes — except for the monthly (which is a longer term timeframe) — are trending up. My thesis is bulls are safe and dips will be bought as long as there is no acceptance below today's cash session LOD 3751.
Breakout? Everyone has their eyes on this 3820. This is an obvious level of importance as it is the range high of the past month. Bulls want to hold above as it would place them in complete control. I am also weary of a failed breakout though, as I do not doubt many will go long above and market may in turn get too long, which may lead to a pullback to flush out these late longs. I may look to buy this dip if it comes, as long as we hold 3777 / 3751. Tape says bulls in command as long as above today's US cash session low. Majority of today's entire value area was effectively above that 3777 so I urge caution on shorts as we are building value above.
Structure. Good thing for bulls is we cleaned up some of Friday's poor structure (single prints 3755). We simultaneously saw no interested below the single prints which is great sign for bulls. Reason I believe structure is bullish is because it is not built on poor structure, it has a good foundation which may indicate it has room to go higher.
Trade Plan Tuesday Auction.
Pivot is 3803 orderflow level.
Above opens up a retest of 3820. Break above 3820 targets 3832 / 3860 / 3878.
Below opens up a retest of 3777. Hold below 3777 targets 3751 / 3735 / 3712.
Market Structure.
Short Term Trend. All timeframes — except for the monthly (which is a longer term timeframe) — are trending up. My thesis is bulls are safe and dips will be bought as long as there is no acceptance below today's cash session LOD 3751.
Breakout? Everyone has their eyes on this 3820. This is an obvious level of importance as it is the range high of the past month. Bulls want to hold above as it would place them in complete control. I am also weary of a failed breakout though, as I do not doubt many will go long above and market may in turn get too long, which may lead to a pullback to flush out these late longs. I may look to buy this dip if it comes, as long as we hold 3777 / 3751. Tape says bulls in command as long as above today's US cash session low. Majority of today's entire value area was effectively above that 3777 so I urge caution on shorts as we are building value above.
Structure. Good thing for bulls is we cleaned up some of Friday's poor structure (single prints 3755). We simultaneously saw no interested below the single prints which is great sign for bulls. Reason I believe structure is bullish is because it is not built on poor structure, it has a good foundation which may indicate it has room to go higher.
Trade Plan Tuesday Auction.
Pivot is 3803 orderflow level.
Above opens up a retest of 3820. Break above 3820 targets 3832 / 3860 / 3878.
Below opens up a retest of 3777. Hold below 3777 targets 3751 / 3735 / 3712.
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