Once the price reaches above 13128.68, just above the intermediate high to clear out buy side liquidity, you should see the shift down toward 13000.79 but should get lower than 12942, but it might. but once it enters that price range, we should see the bullishness come out for the rest of the day. I have a feeling at the bell it will rush to that first high area and take most of the morning to go down toward the bullish level. Aroun 12:00 p.m. NY Time Fed Chair Powell Testifies and that's when we should see the price in that range shoot bullishly out of it.
Trade active:
Starting with the short
Comment:
Next Take Profit Level 13037.81
Comment:
One thing I missed in my calculations was the mitigation block which it did hit and retrace up from that point. However, there is still a strong tendency that the price will stay below the opening or at leas not too much high than 13136.84. So if you want to take a second rounf of profits and have a tight stop loss is up to you. That is the way I am playing this.
Trade closed: stop reached:
I'm out. Mitigation block threw me off. I still made profit as I protected my entry and took profits, but stil not as much as I wanted. Now waiting til Powel Speaks to see what kinda setup that make bring.
Comment:
Ran above the intermediate highs. which I was expecting later so My analysis has changed.
Comment:
Nailed the re-entry at 13000
Comment:
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
TO BE