Sideways days give way to overnight boosts – that’s the pattern over the last several trading days and last night was no different. JPM earnings above estimates and China positive exports news overshadows Germany’s lower 2019 growth forecast . Traders will continue to look for support action to engage. Ranges expand but still sit shy of the SPX range for the week at the highs near 2924 (that’s good for the market makers).
Target zones of congestion are wider and still bullish overall – near 2880 – 2924.
I suspect this is a part of what is currently happening so watch your highs as target zones and not breakout zones. =>From yesterday -“Please note that as traders grow tired of being skittish about a fade, pushes to the upside in a failed breakout pattern could occur”.
Intraday motion is likely to continue long on pullbacks. Aggressive shorts at the failed retests of 2900 will need tight stops and to be trimmed at support quickly in the current environment.
Shorts should begin to provide
Remember the overall trend is still long so we have to consider buyers holding the edges of
NEW UPDATE -Our Metastock Map for swing trades, TARGET RICH TRADES, gave us another trimming target for upside pressure at 2900 –
A failed retest of 2908 is what we are looking for next.
This will be a failure of the 2908 level, a test of 2899-2897 and then the limit order for a short entry at 2908 with a stop at 2915, so our swing size is small.
Bullish behavior still holds at support making room for longs to continue to hold part of a position
Completed was the trade below:
Short at 2831 with first target at 2814.75. Three targets have been acquired 2814.75, 2808.50, and 2794
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You should – Here’s an easy way to keep track of your progress
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