Today’s activity in the trading chat focused on navigating intraday market movements, with PTGDavid providing a series of updates and trading insights. Here’s a breakdown of the key activity:
- Morning Setup and Trade Execution:
- PTGDavid started with trade executions, including opening a short position on crude oil (CL) and successfully hitting multiple targets, while also adjusting trailing stops to secure gains.
- Discussions included potential pullbacks and the significance of specific price levels (e.g., the 5895 key reference level).
- Technical Analysis and Market Scenarios:
- Throughout the day, PTGDavid highlighted important levels, such as the Line in the Sand (LIS) (LIS) at 5895 and target zones between 5885 and 5875.
- He emphasized a bearish outlook if the market broke below 5895, which eventually led to the fulfillment of the anticipated decline for the day.
- The conversation involved monitoring critical support around the 5875 level, which, once broken, triggered accelerated selling and long liquidation.
- Use of Gamma and Put Wall Analysis:
- PTGDavid incorporated gamma analysis, referencing a “Put Wall” at 5877, which provided a temporary support level before selling pressure intensified.
- He continued to assess the impact of these levels on market sentiment and potential reversals.
- Consolidation and Key Level Adjustments:
- Midday updates included noting a consolidation phase between 5895 and 5875, and commentary on how breaking below these levels could “open the trap door” for lower prices.
- Afternoon Developments and Market Close:
- As the day progressed, PTGDavid reported on the further breakdown of support levels and the subsequent acceleration of selling pressure.
- The final updates touched on spot gamma support at the 5847-5850 range, noting that the market found temporary support near 5850.
Overall, today’s activity involved a combination of live trading actions, technical analysis of key price levels, and strategic commentary to help guide traders through the day’s market conditions.