*See the Legend below for the Indicator Guide*
After a dip, the price has remained above the Daily Range (DPR) which is key to see the near term bias holding to the long side. You can enter here as we are approaching the latter hours of the session and strength in price seems to be holding.
A more conservative approach would be to wait until the end of the session to determine an entry, once we see at what level the DPR is at for the new session. This will be the key determinant as to whether or not to go long as there is still a possibility the price could correct back below the current DPR level which would turn the near term bias to .
If the next session's DPR is below the opening price this will be a continued bias and a good time to enter long.
Good crossovers with the DPMAs turning upward which of course is .
Will update as we move forward in time.
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Daily Range-DPR (blue/magenta dots) | Weekly Range-WPR (orange/red dots) | Monthly Range-MPR (green/black dots)
6 Day Rolling Range-RPR (lime/yellow dots)
Daily Moving Averages-DPMA: red=14 day, yellow=30 day, white=50 day
If that happens I wouldn't panic. Just be sure to manage the trade by setting a stop once the market opens. You will need to see what are the new Daily Pivots and the 6 Day RPR in order to have a good level to choose for a stop loss.
I will give the latest pivot points here after the market open or you can sign up for the indicators here: https://virtuestrading.com/pricing/
**Reminder to see the Legend in the first part of this study for all the names of the indicators.** You can also download them by signing up here: https://virtuestrading.com/pricing/
Time is the most important variable in trading and the amount of time that has past without a down day is reaching the point that we have to expect it's appearance. Raise your stops to under the DPR low for a tight stop. If you want to hang on for the longer term, keep your stop loss just under the 6 Day RPR low.
We've had a good run and it's tempting to take profits before what you might convince yourself is about to happen...namely a correction. But it's important to maintain discipline and let the market do its "trendy thing".
We do not know what is going to happen...no predictions here...ever. We just know to let our indicators do the talking and follow our rules, which in this case is to trail the stop loss to the 6 Day RPR low, which is the most reasonable level for this particular trade, at this particular juncture. Peace to you!