jasont
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Trade Setup for 4th April
Here's the zones for 4th April I am watching:
Resistance
1374.25-1374.75
1377.25-1377.75
1379.25-1380
1391.50-1392.50
Support
1371-1370.25
1367.25-1366.75
1361-1360.25
1357-1356.50
1351.75-1351
My Outlook
My outlook for tomorrow is mixed again. Everything in terms of indicators is telling me down again but for some reason I believe we may break out of this range pretty soon.
First the reasons we are likely to move down are as follows. We seem to have lost momentum as we came to the top of the recent range on the DJIA, SP and NQ. The VIX is still at an extreme to the bottom in comparison to its recent trading and has kicked up a bit indicating a buy up of Put Options.
Now the reasons we are likely to push past this range to the upside are as follows. The DJIA and SP are comfortably over the 57 EMA for the first time since December last year. They have also shown a pretty strong trend with the recent trough being more of a covering of shorts rather than a strong selling situation. Gold and Oil still aren't turning back up which is indicative of a breather at the very least. Also contrary to what many news sources are saying, the USD is looking the best it has in terms of stability in quite some time. It looks like the hard selling of the USD has dried up recently.
So after all that, I'm a bit on the fence right now. This range has been an important element to the Indexes this year so breaking it will take a bit of effort. I'm just taking whatever comes for the moment without any bias to either side until we show a clear break.
My Focus
My focus will remain the same as yesterday. This week has been a trying week for me as we have had quite a few days where the morning has been slow trends. That is why switching to the 2 minute chart in these periods is now part of my focus. There is action in the smaller time frames to the 5 minute chart in these moments. Money and Risk management haven't changed. I will get some extra rest today from my PC so I'm fresh for trading. Beginning Monday I will be able to start trading at 11:30pm instead of 12:30am as our daylight savings finally kick over here in Australia. Hooray for time difference!
Here's the zones for 4th April I am watching:
Resistance
1374.25-1374.75
1377.25-1377.75
1379.25-1380
1391.50-1392.50
Support
1371-1370.25
1367.25-1366.75
1361-1360.25
1357-1356.50
1351.75-1351
My Outlook
My outlook for tomorrow is mixed again. Everything in terms of indicators is telling me down again but for some reason I believe we may break out of this range pretty soon.
First the reasons we are likely to move down are as follows. We seem to have lost momentum as we came to the top of the recent range on the DJIA, SP and NQ. The VIX is still at an extreme to the bottom in comparison to its recent trading and has kicked up a bit indicating a buy up of Put Options.
Now the reasons we are likely to push past this range to the upside are as follows. The DJIA and SP are comfortably over the 57 EMA for the first time since December last year. They have also shown a pretty strong trend with the recent trough being more of a covering of shorts rather than a strong selling situation. Gold and Oil still aren't turning back up which is indicative of a breather at the very least. Also contrary to what many news sources are saying, the USD is looking the best it has in terms of stability in quite some time. It looks like the hard selling of the USD has dried up recently.
So after all that, I'm a bit on the fence right now. This range has been an important element to the Indexes this year so breaking it will take a bit of effort. I'm just taking whatever comes for the moment without any bias to either side until we show a clear break.
My Focus
My focus will remain the same as yesterday. This week has been a trying week for me as we have had quite a few days where the morning has been slow trends. That is why switching to the 2 minute chart in these periods is now part of my focus. There is action in the smaller time frames to the 5 minute chart in these moments. Money and Risk management haven't changed. I will get some extra rest today from my PC so I'm fresh for trading. Beginning Monday I will be able to start trading at 11:30pm instead of 12:30am as our daylight savings finally kick over here in Australia. Hooray for time difference!