Morning Prep @ 9.00am
Anchor Chart
Analysis
Today we open the market with some data historical
problem. Hence no data can be seen in the previous day and this would slightly
affect our trading today.
However, we know that the price still open above the
major trigger zone support @1141.6
Opening-Bell
Analysis
In the opening range
analysis, we see a small range in the opening at the PLOD.
The price open and close above the opening range indicate
that the buyer is very aggressive. We can look for a target at 233.0% or even
more up to 377.0% just before the previous swing @1161.7.
Entry Chart
Analysis
From the entry
chart, we can also see that the historical data show a large gap between the previous
days. Therefore, it’s hard for us to judge where would be the resistance or
support level.
For today, we will just analyze that chart based on the
slowest NTRenko chart pattern. It’s good to be conservative on since it’s a
Friday, the end of the weekday.
Scalping Strategies
#1 Trade - Breakout Trade @9.30am
The breakout trade
is slightly challenging due to the yellow dotted line acting as the major
resistance. It managed to break through the resistance before coming back down
to the breakout range.
Entry = 1149.9
Exit = 1149.4
Profit = -$50
#2
Trades – Wave Long Pattern (AGGERSIVE)
The wave pattern
does not actually set up due to the price does not pull back to the 50% fibs,
however, due to the high volume in the POT and the recent EMA cross with a
steep cloud. The entry was an aggressive one with a small stop loss @5 ticks.
The price stops me at
exactly 1151.5, just below the red ema before filling the target.
Entry = 1151.2
Exit = 1151.1
Profit = $30
#3 Trades – Wave Long Pattern
Took another wave
entry but with a better pattern as compared to the previous trade. The price
bounce at the 50% fibs and the RED ema with a reversal bar entry triggered. Targets
were place one tick below the 27.20%.
Entry = 1153.4
Exit = 1154.5
Profit = $110
#4 Trades –
Wave Long Pattern
Knowing the TF
market personality to be bullish, another wave pattern setup were took and with
the proper stop loss below the 61.8% fibs. The price shoot up after the semi-2STEP
setup to the 27.2% extension.
Entry = 1154.0
Exit = 1155.1
Profit = $110
#5 Trades – Wave Long Pattern
The price made new
higher high with another potential wave long pattern setup. The entries valid
with the trigger zone holds at 61.8% and a reversal bar. However the price
close below the RED ema and the wave counter reset might perhaps holds the
buyer from going up. The stop loss is set below the 61.8%
Entry = 1155.1
Exit = 1154.2
Profit = -$90
#6 Trades – Wave Long Pattern
A bad entree with a sloppy
price action, the reason for the entries was due to the yellow ema holds twice
just below the 61.8% fibs and semi-2STEP setup. The stop loss is below the 78.60%
fibs.
Entry = 1160.0
Exit = 1161.0
Profit = $100
#7 Trades – Wave Long
Pattern
This trade is by far the best trade to
end the weekday. The price push above the @1161.5 and made a new higher high.
The trigger zone support @61.8% holds and price retrace and went to the swing
highs. However, price tries to break above the swing @1164.1 twice and failed.
This force the initial target at 100% extension moved to the last swing high
due to the time of the market @11.00am.
Entry = 1162.9
Exit = 1164.1
Profit = $120
Trades Summary
End of Day
Analysis
The anchor chart @12.00pm shows that the price ended up
respecting the major support at 1141.6.
However, the most recent trigger zone resistance seems to
be holding up the buyer to continue pushing higher.
Looking into the 12NTRenko, another wave pattern long has
already triggered but due to the time after 12pm and on a Friday, it’s best to
just take the money and run to the bank.
Lastly, the opening
bell analysis earlier at 9.30am shows that the buyer is very much in control
for today going all the way up to the 512% extension. Now it is setting up for
another wave pattern long as seen in the 12NTRenko chart. It could most likely
to go all the way back to the PHOD.
