Trend Levels haven't changed much. The only change since yesterday is that the 30m trend flipped from a downtrend pattern, to an uptrend pattern, as did the smaller timeframes underneath it. However the 30m uptrend was never was able to push past that closing trend signal yet, and is still hitting that Uptrend Signal on the 12-Hour Trend.
However, I'd say there is some Bullish sentiment with the 6 Hour Trend, as you can see that it came down overnight, touch 3890, and began to push back upwards.
My trading plan today will be a bit the same as yesterday (Bounce trading between 3926 and 3900ish), however, I may let things work out on Long positions a little bit more, to see if that 6 Hour trend can continue to see a higher high throughout the day. That being said, if it begins to get below that 3890 level again, be prepared for a potential movement down past that 6-Hour trend line, continued trends rarely hit their starting point more than once.
I'd still expect to see mostly sideways trading until tomorrow, unless traders get skittish and don't want to hold their positions overnight going into the GDP announcement tomorrow. That GPD announcement is still looking like the main catalyst I could see to push things lower or higher this week.
Anyways... short summary, continued movement between 3926 and 3900, with a chance that things could move higher as nearly all timeframes show an uptrend (the 3m and 5m are actually currently in downtrend momentum) with the continued caveat on the 12-Hour has not shown continued movement and only a potential reversal at this time.
Current trends at 07:00 EST
Uptrend - 15m, 30m, 1h, 2h, 3h, 4h, 6h, 12h (12 Hour hasn't shown continued trend movement)
Downtrend - 3m, 5m, D, W
As always, you're best trading strategy is following your risk management plan!
Note - No advice given is official financial advice and you trade at your own will, and I am not liable for any decisions you make based on the data I provide.
However, I'd say there is some Bullish sentiment with the 6 Hour Trend, as you can see that it came down overnight, touch 3890, and began to push back upwards.
My trading plan today will be a bit the same as yesterday (Bounce trading between 3926 and 3900ish), however, I may let things work out on Long positions a little bit more, to see if that 6 Hour trend can continue to see a higher high throughout the day. That being said, if it begins to get below that 3890 level again, be prepared for a potential movement down past that 6-Hour trend line, continued trends rarely hit their starting point more than once.
I'd still expect to see mostly sideways trading until tomorrow, unless traders get skittish and don't want to hold their positions overnight going into the GDP announcement tomorrow. That GPD announcement is still looking like the main catalyst I could see to push things lower or higher this week.
Anyways... short summary, continued movement between 3926 and 3900, with a chance that things could move higher as nearly all timeframes show an uptrend (the 3m and 5m are actually currently in downtrend momentum) with the continued caveat on the 12-Hour has not shown continued movement and only a potential reversal at this time.
Current trends at 07:00 EST
Uptrend - 15m, 30m, 1h, 2h, 3h, 4h, 6h, 12h (12 Hour hasn't shown continued trend movement)
Downtrend - 3m, 5m, D, W
As always, you're best trading strategy is following your risk management plan!
Note - No advice given is official financial advice and you trade at your own will, and I am not liable for any decisions you make based on the data I provide.
Comment:
your* best trading strategy ........ I'm extremely disappointed in myself lol
Trade closed: target reached:
I may watch things but I think I'm done for the day. Rode a trade from 3946 down to 3896. Makes a good day, and my risk management plan says never fuck up a good day.
Comment:
In case anyone is curious... 1-Hour downtrend is the candle that closed at 3858. If a candle closes below that, I'd expect further south.
The current 2-Hour candle is also a downtrend candle if it closes here around 3851.
3-Hour timeframe to the 12-Hour Timeframe is still in an uptrend setting, although yet again... the 12-Hour Uptrend never took.
I would expect to see things continue to fall, perhaps more gradual, until the GDP information tomorrow. If GDP falls more than expected... I'd expect bad things. Although with the bizarre reaction, you might see an initial up before a massive plummet the day after and following days to come.
Basically, lower than expected GDP (it is already expected to be -1.5%), I'd expect us to run down to the 3600s again, if not go into the 3500s.
The current 2-Hour candle is also a downtrend candle if it closes here around 3851.
3-Hour timeframe to the 12-Hour Timeframe is still in an uptrend setting, although yet again... the 12-Hour Uptrend never took.
I would expect to see things continue to fall, perhaps more gradual, until the GDP information tomorrow. If GDP falls more than expected... I'd expect bad things. Although with the bizarre reaction, you might see an initial up before a massive plummet the day after and following days to come.
Basically, lower than expected GDP (it is already expected to be -1.5%), I'd expect us to run down to the 3600s again, if not go into the 3500s.
Comment:
As I wrote this, I looked over and saw the continued drop, and my mathematical script says that the 3-Hour timeline is bordering on a downtrend signal at around 3846 and below... so a candle on the 3 Hour below that will signal either a reversal or that continued downtrend. I'd guess the latter at this point.
Comment:
Looks like the day is going to end right at the entry to the 2 hour downtrend (3832), and revisiting the 4 hour uptrend (3828).
Pick your poison.
Pick your poison.