27-3-14 - Thursday Trades

Morning Prep @ 9.00am

Anchor Chart Analysis

The anchor chart is telling us to be cautions today as the price is in the middle of the big bullish channel.

We have a trigger zone support waiting at 1141.6 (50%) and 1125.7 (61.8%). Our best opportunity is to buy the low of the channel.

Opening-Bell Analysis

N/A

Entry Chart Analysis

From the entry chart, we can see the major trigger zone support from the anchor chart.

There is a short term bearish channel in the entry chart with a “2STEP” pattern setting up.

For the scalping strategies, we can buy the low of the channel up to the trigger zone resistance.

The entry for the long is when price break 1155.9.

Scalping Strategies

#1 Trade  - Wave Long Pattern

Based on the “Wave” pattern, entries before the market open analysis were taken at around 9.29am.

The wave counter has reset and with the EMA cross to green, the pattern align itself with the trigger zone support holding and reversal bar entry turn green.

Entry = 1152.2

Exit = 1151.1

Profit = -$110

#2 Trades - Breakout Trade @ 9.30am

Opening bell trade saw the seller push the price down to 1150.4 before pull-back into the 9.25am -9.30am range before coming back all the way down to the bearish channel low.

Entry = 1150.8

Exit = 1151.3

Profit = -$50

#3 Trade – Wave Short

The breakout trade has shown that the seller were in control.

With the wave counter reset and EMA cross to RED, the trigger zone resistance holds with the reversal bar RED. All this add on to the wave short entry

Entry = 1150.9

Exit = 1151.9

Profit = -$100

#4 Trades – 2STEP LONG

The price location tells us to buy the low of the bearish channel.

With the 2STEP pattern setting up, entries above the swing high were placed.

Entry = 1148.5

Exit = 1147.2

Profit = -$130

#5 Trades – Price Reversal Zone

The price is at the reversal zone @1143.2 with additional 100% extension fibs @ 1142.7 from the wave short.

This indicates the price should bounce at least for a scalped since the anchor chart trigger zone is just below the reversal zone @ 1141.8

A wave entry was used to enter long in the slower chart @ 3NTRenko.

Entry = 1144.5

Exit = 1145.6

Profit = $110

#6 Trades – Wave Long

Re-entry using a wave long after the one contract target filled in the previous trade.

Trigger Zone Supports align with the reversal bar entry.

Entry = 1146.6

Exit = 1146.0

Profit = -$60

#7 Trades – Breakout Trade @ 10.00am

Entry = 1148.0

Exit = 1150.4

Profit = -$240

Noted:

Stop Loss above the 100 EMA

#8 Trades – Pace of Tape Entry

Entry based on the buyer high volume in the POT.

Entry = 1151.5

Exit = 1152.6

Profit = $110

#9 Trades – Wave Long

Based on the POT, the volume increased from low to high.

Entry long uses a small price pullback.

Entry = 1155.8

Exit = 1154.2

Profit = -$160

Trades Summary

End of Day Analysis

At the end of the trading session @ 11.30pm, it shows that the trigger zone support @ 1141.6 holds with the price bounce.

The slower 12NTRenko chart shows the price bounces at the reversal zone and trigger zone support at least 4 times.

This shows that the seller respect the price level at that area.