End of Day | +2.12R
I’m pleased with how todays trading has gone. I waited patiently this morning to see a significant move in price above a previous level of resistance, and then took at trade at this level as price moved on up. There was opportunity for one or two more trades during the day, however I passed on these as I didn’t feel there was enough confluence of Key Structure to warrant a trade.
I felt in tune with the movement of price, and am pleased that I was not drawn into any bad trades. I hope to bring this feeling into tomorrows trading session!
16:30
D1 Position within Golden Zone
This screenshot is a bit cluttered with the D1 Bull and Bear Channels, however you can clearly see the current position within the higher timeframe Golden Zone, close to the 61.8 Fib level.
16:15
M15 Todays Price Action
Today there was a significant jump in price, moving through the D1 EQZ (11693.8), 11700 level, PW High and the H1 EQZ midline (11708) which had previously been resistive.
This is where I took my only trade of the day, as price moved up towards the Monthly ema, a target that I have been expecting price to move towards for a number of weeks.
In the above screenshot, I have labelled an area of RESCON with the Monthly ema at it’s centre. This includes:
- Monthly ema
- D1 EQZ midline
- D1 Bear Channel
- H1 EQZ midline
- H1 Bear Channel
- Fib Golden Zone (not in picture, 61.8 level at 11890.3)
I am expecting strong resistance when price reaches these levels, and then I will be looking to take Sell trades as price becomes bearish.
At the current moment, price has been resisted by the D1 Bull Channel. Tonight/ tomorrow could see price move back down into the H1 EQZ and towards the D1 EQZ boundary at 11693.8, but I am expecting price to test the D1 Bull Channel again soon.
09:26
M1 1min MAB | Buy | +2.12R
Price broke the H1 EQZ midline at 11708, which had acted as Resistance in previous price action, with a clear impulsive move off the 11700 level creating a Higher High above the PW High.
Retracement came with a confluence of:
- H1 EQZ midline
- 1min ema
- GZ 61.8
- Role Reversal structure
I was unsure if Yes. High and PM High would Resist price, and considered moving my Profit Target just below PM High, however the set-up looked so clear that I decided to just let the trade play out.
This was a great ABC set-up, with clear interaction with key levels. I was ready and patiently waiting, got a good Entry, and did not tamper with the trade as it progressed, resulting in +2.12R.