Friday Daily 4hr 1hr What I'm waiting for: To see how price behaves when/if it gets near 3270 again. I'm bearish while below and bullish above What I'm mindful of: The last few times price has broken through HTF support the trend quickly reversed back up to make new ATHs For now things look bearish but If I don't see a good reversal pattern near 3270 I'll wait for more price action
Monday Daily 4hr 1hr What I'm waiting for: A false break and reversal from the range extremes (3200-3270) What I'm mindful of: I am starting to see conflicting signs on different time frames. A good argument could be made for the short or long side. (Solid bearish momentum for the past 2 weeks on 1hr and below, but the Daily chart shows pretty tidy sideways consolidation relevant to the huge run up it had.) 2. There is a good possibility that price will whipsaw back and forth without much conviction until FOMC on Thursday morning. For this reason I'll play defensively.
Tuesday: Daily 4hr 1hr What I'm seeing: A strong break and follow through back above 3270. It seems like the daily chart may have made its quick (relative) spike down before starting the next run up to new highs. What I'm waiting for: A retest of 3270. The other levels of support since yesterday's breakout seem iffy. Clean BO and follow through above 3360-3370 What I'm mindful of: While price appears to be strong and moving up again, it could still be range bound and go sideways before breaking 3360
The reason why you said there weren't many entry spots was because you used the hourly chart. It is far too coarse / long.
Hey Max I didn't show screenshots below the hourly because the minor range between 3305 -3320 isn't significant enough for me to trade from compared with the obvious levels around 3270 -3370. For now I'm trying to trade from the edges not in the middle