*disclaimer: Not financial advice. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am sharing my personal opinions only. Never make financial decisions based on any information on this site or any associated platforms. Always consult a professional for investment related advice and do your due diligence*
- Corrective action today into the 0.618 fib. I’m looking for a low time frame reversal structure to form here for shorts targeting daily supply (~4400).
- $RTY continues to show relative weakness. Bear flag into the 0.50 fib. Watching for a reversal to the downside tonight/tomorrow.
- Similar to $RTY, $YM is showing weakness with a corrective bear flag into the 0.50 fib. Expecting downside, looking for reversals.
Setups:
- For those unfamiliar with what I mean by a ‘reversal structure’, here is an example. I am looking for an impulse down through a KPL (key pivot low) followed by a corrective bounce into supply. Where exactly this happens (if it happens) is TBD, this example is simply to display the structure I’m looking for.
- Setup: Type B
- Confluence: 1H Supply
- Trigger: 1H Reversal from fib/supply zone
- Conditions: Must arrive to the zone correctively
- Developing Setup: Looking for the completion of 5 waves down followed by a corrective bounce into the fib zone
- Developing Setup: Looking for the completion of 5 waves down followed by a corrective bounce into the fib zone
- Developing Setup: Looking for the completion of 5 waves up followed by a corrective pullback into the fib/supply zone. Overall target would be new ATH’s.