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Let me rephrase, after getting a PM about this from someone (not the poster).
I am just wanting posters to share charts and observations, along with thoughts for the coming day and what possibilities our outcomes we might see tomorrow -- since this thread is titled "Tomorrow's chart", the purpose was an exercise in trying to visualize possible scenarios to trade from tomorrow.
My question was - thanks for the chart, but what to do with it? What areas are you interested in? What is your plan? Are you bullish or bearish?
As far as my understanding goes, we are in a downtrend channel. My plan is to observe price on approach to the channel boundary as well as the middle of it. I expect a test of these areas to hold unless strength is displayed toward the boundary or the middle in which case i'd expect a breakout and would watch the reaction post-breakout for clues as to future direction. Two possibilities, on weakness following the breakout, the expectation is for a failure and reversal back within the channel or weakness on the pullback then the expectation is for continuation. The objective is to fade the weak hands at key areas, those who get trapped in the wrong direction. I can't cross the bridge until i get there to evaluate the forces in presence so for tomorrow it is not possible to tell presently. All we can do in advance is to spot what appears to be significant levels and trade accordingly once price visits these places again.
we are still within the channel a strong push upward occured due to Apple's earnings. Need to see the reaction to gauge the impact over the coming days. I would not be surprised to see a second retest of the high and a failure to break due to the strong resistance above 2705 (see overlapping tails covering this area 2705..2725.
Me personally, I will look for signs of it continuing to follow this trend-line / move just outside, and optimally just a tick below a previous swing/high low. Otherwise, I will look for it to form a new trend line and then same basic rules. Look for action at extremes of trend-line, and optimally a failed breakdown/breakout bar for a great entry.
If I was guessing I would say we move up to 90ish roll over, then bounce again to head to 95, but that is based on what I am looking at now, which can all change easily. I will adapt as the market changes, but will anticipate and wait for A+ setups only.
If you look at the circled bars 12:49, 1:23, and 2:13, these were examples of the failed breakout bars.
Gary
As consistently profitable traders.. "We get paid to wait, and we wait to get paid."
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
