Another relatively quiet trading session on Wednesday with a slight improvement in range above the prior day…Still at the historical low end of average daily range and nothing to get excited about. It clearly seems that investors/traders have simply “Walked Away in May”.
Price continues to consolidate recent gains forming a nice symmetrical coiling triangle on the sixty-minute chart. This coiling typically leads to a directional breakout, but what is considered “typical” these days could be candidate for definition change. Remain vigilante.
Prior Day High (1914) hit early in the overnight session…Yesterday’s intra-day pit session high is 1912. We’ll use this level as “key marker” for upside penetration and conversion. IF this scenario unfolds, THEN upside targets 1914 – 15 STATX Zone, followed by 1917- 1918.50 …1920.25. Key Support is now between 1905 – 07 (3D CPZ). Failure to hold this zone on pullback suggests a near-term high in place…Next significant zone for support is back between 1888.00 – 1894.
Prepare for Anything…Trade the Probabilities
We would like to extend a Warm Welcome to PTG’s two newest Members:
Jason Leib and Woody Woodward
I am detached from the results. I think in terms of the process and the validity of the process. I understand that I am more than the trading. I do not tie a fragile ego to any day’s trading results. I have faith that over time I will make money. The results of any one trade are statistically unimportant. I think in term of probability. A single trade says nothing about me as a person.