Daily Plan 4/4/23
JOLTS
Good morning traders!
Hope everyone had a great trading session yesterday and was able to take some of the move higher.
Another session levels work out with the compliments of the telegram updates. 4113 held up for the entire day with no attempts to take it out. Shortly after the open I navigated a potential trend day in which 4136 was seen as a key level to hold. Anytime we are setting up for a trend day in the morning, look for pockets of value to use as risk. Assuming it is a trend day, risk based on these pockets with stop loss moving up when creating a new pocket of value higher. Let me show the telegram update then I will touch on the trend day before we get into todays plan.
Trend day example with rectangles marking the pockets of value but instead we will use the recent rally off of 3940. Instead of an intraday example I will use 8 sessions of profiles. Diving even deeper we will start from when we called for 4000 dip to be bought then a breakout of 4040 will fuel direction higher (trend). Two green lines will mark those two levels. Look how during a trend we will not even sniff lower than the previous pocket of value which is marked on the chart with red rectangles. They are started at the time value began to build in this area.
For much more information on trend days and all other day types make sure to read this post below!
Introduction to Volume Profile
Last level I want to touch on is our 4177 given yesterday in the Weekly Outlook. Not only did I post it here in the Substack but over on twitter and telegram. Overnight high so far? 4173!
Here is what was said in the Weekly Outlook:
Will be hard to say how far we can trade as it really depends where price is as we lead into a data release. For the start I expect prices to remain inside 4095 - 4192 / POC 4177. Upon trading up to 4177 I think this will be a key area to deploy shorts as this has worked many times so far.
Weekly Outlook +50 handles coming 5 handles from 4177 key level.
Gold remained above 2000 and Oil continued higher with expectations of a potential deficit. Unfortunately we are in for some more pain with gas prices. White House really has no options moving forward and even Japan has broken the agreement with US to not purchase Russia’s oil above $60/barrel. In short time we have seen a slap in the face to America and this is not just regarding oil but the dealings going on overseas. I will make a post on sometime this week and keep up with further developments. Note this will be separated from the Daily Plans.
Cherry on top before the plan…
