We had a down day and a down week which suggest we may be headed for another leg down next week. It is quite possible that we remain in a very ample range bound scenario considering that the FED´s rate decision is due on Wednesday. Many of you have made it clear that this is your first time trading and I wanted to share and example on how a range bound high volatility market works. The attached chart from 2016 (same period) shows a market that was contained between 1375 and 1308 for quite a long period of time and coincidentally applies for the wide range we are on at the moment. Breaking levels are 1358/75 and 1305/08, so outside that range we enter in a new cycle that will be analyzed accordingly. I agree with the majority of voters that a range bound, with high volatility, market is due for next week. SL orders, Hedges and Regular Profit Taking are of paramount importance on the trading rules for next week.
Well, I am going tp save some cash for dicember
ReplyDeletei anticipated a strong movement up to 134x area to clear some of the gap before one more leg down, so i closed my last short and open long @1320 just before market close today with tight sl
ReplyDeleteHi sir. I have long position @1333. Do you think I should hedge it once market opens tomorrow? Or is there any certain price I should hedge my long position?
ReplyDeleteHi Becks, I believe you should hedge once the market opens because the daily chart suggests one more leg down before any retracement. I think there may be a test down to 1305/1310 before the price stabilizes prior to the FED´s rate hike decision on Wednesday.
DeleteThank you sir. I have hedged my position.
Deleteimo 1345 still possible which is retracement of 61.8 if it does wanna go lower or else break below 1313 will open 1300 and 1290.
ReplyDeleteActually the key level is 1306.
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