This week has seen price extremes on both edges, ranging from 1854.50 – 1884.75 with daily swings averaging 20 handles. That’s enough to make any seasoned trader exhausted. Price continues to fail and get rejected above 1880 handle, so continue to view that level as “Key Resistance”…Key Support resides at 1860 handle with an “excess extreme low” marking 1854.50. Traders may need a “30-second time-out” today to regroup their composure.
Overnight High (resistance) is 1872 handle…Price is approximately near the midpoint of weekly range and Three-Day Central Pivot Zone (3D CPZ)..So trade bias is currently neutral.
IF price violates PDL (1865.00), THEN downside projects 1860 – 1862 initial support zone. Failure on Bulls to illicit a “buy response” calls for a test of the excess low at 1854 handle. IF buyers can penetrate ONH and convert, THEN upside targets 1877.50…1880.00 levels.
Maintain Discipline….ALWAYS USE STOPS!
I am ready to trade. My patterns are verified. My homework is complete. My mind is clear. I have rehearsed everything. I am prepared strategically, emotionally, and financially each and every day.