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!
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.
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.
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.