TF Hourly
Pattern I'm looking to trade: Head & Shoulder / Inverted Cup With Handle (whatever...the cup's not even formed yet, let alone the handle - once TF drops below 425, that's a good pattern to trade)
As TF approaches the area (425 - 440) where people have been willing to buy (look at the number of bullish reversals that happened there), I'm actually rather wary of selling.
But since market has generally been weak (see screenshots of NYSE data below), I'm going to take my chance.
If pattern performs, TF could go all the way to 430.
But I'm sticking to a point that 's slightly below Fib extention level 161.8, and aiming for 433 instead.
I expect TF to pull back to 450, or even to 455 first though.
Should TF punch through 440 and hit 432 without any decent retracement, I'll be looking to buy.
I really don't think I'd want to do anything at 440. If I really have to sell there, my stop would be 7 points away. So, unless the market's screaming for me to get in, I'm just going to sit back and watch, and probably take scalps on 1min.
That said, should TF fall below 440 before US market opens, I'll be happy to sell anywhere below that and place a stop at 440.
As TF approaches the area (425 - 440) where people have been willing to buy (look at the number of bullish reversals that happened there), I'm actually rather wary of selling.
But since market has generally been weak (see screenshots of NYSE data below), I'm going to take my chance.
If pattern performs, TF could go all the way to 430.
But I'm sticking to a point that 's slightly below Fib extention level 161.8, and aiming for 433 instead.
I expect TF to pull back to 450, or even to 455 first though.
Should TF punch through 440 and hit 432 without any decent retracement, I'll be looking to buy.
I really don't think I'd want to do anything at 440. If I really have to sell there, my stop would be 7 points away. So, unless the market's screaming for me to get in, I'm just going to sit back and watch, and probably take scalps on 1min.
That said, should TF fall below 440 before US market opens, I'll be happy to sell anywhere below that and place a stop at 440.
Plan A
- Short at: 453, 450, 445
- Stop Loss: 455, 452, 447
- Exit target 1: 440
- Exit target 2: 433
- Long at: 433
- Stop Loss: 430
- Exit target 1: 440
- Exit Target 2: 450
No plan C, if TF doesn't punch through 440, it might just chop sideways for a while. When market gets choppy, experience tells me that I should just SIT & WATCH, or go play with my cat.
NYSE Data
Jan 26 & 27
Jan 28 & 29
Jan 30
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