As we have seen so often this year that every deep pullback in price into Value finds renewed Responsive Buyers. As well, when price reaches upper extremes, buyers dry up and Sellers Respond. This action simply is Range Consolidation between upper and lower value zones, which has made for excellent intra-day trading.
Price currently is at the middle of recent swing (1882.00) and upper value of larger zone. It is going to take increased buying to penetrate 1882 – 85 zone and convert for another challenge of recent high. Successful conversion of PDH calls for 1885.50 – 1887.50 zone to be tested…Failure to convert keeps price contained within 1866 – 1876 zone.
Initial pullback support zone is between 1874 – 78…Three-Day Central Pivot Zone (1872 – 74)…Stronger High Volume Node (HVN) support between 1864 – 68 zone. Anticipation today is for early rejection from PDH (1883)…back n fill into 1874 – 76 zone to look for responsive buyers. Dynamic S&R Levels will be continuously updated within the Trading Room.
We had a solid trade session yesterday for members going 3 for 3 following the trading rules and being patient for opportunities.
Stay Focused of the Process of Trading….Not the Outcome…ALWAYS USE STOPS!
****We would like to extend a Warm Welcome to PTG’s newest Members:
Chuck Tossman and Eric Meixner
I can recover from any setback. I have an attitude of abundance. I affirm abundance in the universe. I know I cannot begin to count the stars. I realize the ocean doesn’t care whether I go to it with a bucket or a teaspoon. I know the market provides a river of opportunities. I invest in my capabilities. I will be happy with my results.