Yesterday’s trade strategy blog opined that the bulls needed to hold the 1736.00 level in order to “keep the recent drive alive”. Well, the bulls did just that, as “da bears” tried to break through that important level unsuccessfully. This set up a retest sequence of the current high at 1750 handle in the overnight trade…Currently, as of 8am ET buyers have been rejected from pushing price above the Prior Day High (PDH). They will need the full liquidity of the pit session to muscle through the 1750.25.
IF the PDH is penetrated (and hold) THEN upside targets project 1754 – 56, 1758 – 60 zones respectively. Failure to breakout above calls for a retracement test of the 3D CPZ at 1742 – 44 zone. Violation of this zone suggests another attempt to retest 1736 where the bulls will need to mount an even stronger defensive response.
Remain Disciplined and Focused…Take Profits Relentlessly!
I am courageous and I always act, even in the face of uncertainty and possible loss. Do not say, no fear. Feel the fear and act anyway. I may be frightened, but I still saddle up. I am not reckless. I act promptly in accordance with my methodology. I respect my calculations. I have a healthy respect and I balance that respect with my courage. I am an explorer. I am on a hero’s journey.