Yesterday’s trade strategy played out nicely as price broke out from Friday’s high propelling it up into the Money Box and upper X-Zone where the reversal began. The average decline anticipated from the high measured between 8 – 12 handles hit squarely near 10 handles…Perfect
The 60 min chart has the look of a Head & Shoulders Pattern forming…Prior Day Low (PDL) marked at 1659.75 will be key “line in sand” for bulls. Break of PDL with momentum projects lower targets 1658.50…1654…1651 – 48 zone. On the upside, if price action regains 1666 and holds, then retest of 1670 handle becomes in-play.
Remain flexible to either scenario…Trade what “is happening”, not your bias…Profits continue to be made by those traders disciplined in their trading methodology.