August 7th - 4:10pm - Opening Session - Trade Plan
We had a nice move higher in last night's overnight session and then we sold off at the 6400 level by 10am this morning. While price has found a nice short-term bottom at a key level of support 6333, we also rallied in the last hour to clear the 6368 level that was also the overnight low before we broke below it during the daily session. (I had this detailed in my notes that you can review from my last post and is in the related publications section).
We have pretty clear support & resistance levels we are going to be watching overnight and into the morning session.
Price needs to hold 6365 with 6355 at lowest or we will most likely go back down and retest the 6344 & 6333 levels which have been a magnet this week. IF, price can hold these levels, we should back test the 6378, 6391 and potentially the 6400 level that we sold off from.
We are still in a bullish uptrend and can continue all the way to retest the 6426 level if bulls want to. We have nothing short term to be bearish about until 6315 is tested and failure of this level could produce a larger sell off targeting 6297, 6286, 6250, 6240. IF, price does lose 6315 I will be looking for a reaction at the 6286 & 6252 levels for some points to go back and retest the 6315 area.
I will provide an update before 7am EST tomorrow based on the overnight session price action. Make sure to follow so you get notified when I post my daily trade plan.
We had a nice move higher in last night's overnight session and then we sold off at the 6400 level by 10am this morning. While price has found a nice short-term bottom at a key level of support 6333, we also rallied in the last hour to clear the 6368 level that was also the overnight low before we broke below it during the daily session. (I had this detailed in my notes that you can review from my last post and is in the related publications section).
We have pretty clear support & resistance levels we are going to be watching overnight and into the morning session.
Price needs to hold 6365 with 6355 at lowest or we will most likely go back down and retest the 6344 & 6333 levels which have been a magnet this week. IF, price can hold these levels, we should back test the 6378, 6391 and potentially the 6400 level that we sold off from.
We are still in a bullish uptrend and can continue all the way to retest the 6426 level if bulls want to. We have nothing short term to be bearish about until 6315 is tested and failure of this level could produce a larger sell off targeting 6297, 6286, 6250, 6240. IF, price does lose 6315 I will be looking for a reaction at the 6286 & 6252 levels for some points to go back and retest the 6315 area.
I will provide an update before 7am EST tomorrow based on the overnight session price action. Make sure to follow so you get notified when I post my daily trade plan.
Uwaga
8:34pm - Update We opened up and held the 6370 level and continued to hit our first target of 6378 and are currently moving towards the next resistance level of 6391. 6391 is also the 0.618 retracement of the 6426 high to 6333 low from yesterday session. We could stall and move back down the levels once reached or continue higher. IF, we continue higher, we should be able to continue up to test 6400, 6410, 6426. If we reject the 6391 level, we will need to come back down and need to hold the 6370 session open level or we will possibly continue to find support at the levels outlined in trading plan above.
I will update plan by 7am EST with price discovery during the overnight session.
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