News today: ADP at 8:15 AM ET and existing home sales at 10:00 AM ET, so be very mindful of those. The IMF meetings are running too, so be ready for sharp moves and chop for the rest of the day. Fed speakers are on at 1:00 PM and 4:00 PM ET.
This is trading education, not a signal or a promise.
THE STORY ON THE ONE HOUR A beautiful setup. A sharp decline to the downside, right through the VWAP, into a nice bounce area at 30,656. Price consolidated and chopped, ran all the way up to 30,766, and got a nice rejection: a bear flag, then continuation to the downside.
The plan
The trajectory for the day: Ron is looking for price to continue down and revisit, or take out, 30,588. If it somehow holds right here at 30,656, you could potentially get a double bottom, but he highly doubts it reverses back to the upside.
A level is a reference drawn in advance, not a forecast.
In the video
- 0:00Tuesday: NQ down about 227
- 0:09ADP at 8:15, existing home sales at 10:00
- 0:19The IMF meetings: expect chop
- 0:40Fed speakers at 1:00 and 4:00
- 0:48Drawing the levels
- 2:05The setup on the one hour
- 2:21A sharp decline into 30,656
- 2:29Chop, then a run to 30,766 and a rejection
- 2:35A bear flag and continuation down
- 2:45The plan: revisit or take out 30,588
- 2:58A double bottom at 30,656? Unlikely
- 3:09Questions, and ciycapital.com
The prep is free every trading morning, with the levels drawn before the open. Get it here.
Trading education only. Not financial advice, not a signal, and no promise of any result. Full disclaimer.