Following yesterday's New York session 11th OCT. The market found support around 3p.m EST. (Lower blue box). After seeing price establish support I identified the area of resistance ( higher blue box) and waited to see price break into the resistance zone which currently happened during London session this morning. Currently in a BUY and looking to hold until price reaches my profit area which is around the yellow ray.
Comment:
We also have the PPI news coming out at 8:30 am EST. Which is forecasted at 0.2%. If the actual number is greater than 0.2 that's good for the USD. Which can potentially push SPX down. However, if LESS THAN forecasted SPX should continue upwards. Either way be very cautious around 8:30 a.m. I use forexfactory.com for news updates. Stay tuned
Comment:
After a long day, price didn't continue upwards. As I previously said, the PPI came out today. The actual number was greater than forecasted which pushed SPX down. However, price went back to my support zone and respected the area with some candle rejections instead of breaking through it. My stop-loss is placed below the support zone, so I'm currently still going LONG with my mark up.
Trade closed: target reached:
Price finally reached my target. Just closed all positions. We also have CORE PPI coming out today at 8:30 am EST. So it was best to exit anyway right before the news come out and potentially change the direction like it did yesterday.