Good morning traders!
A new month and October brings us to a year since the major low of 2014 and we are looking to want to go and repeat that feat again. My trades took a massive hit yesterday as we gapped higher on open and didn’t really fill it, we also continued to make progress today, carving out a new high and reaching the daily R1. So I have to decide how to long to hold the trade for.
Yesterday on the H1 chart I circled the Alligator lines and if I am honest I was unsure how to handle the compression, I was expecting a breakout, but expecting it move lower, it didn’t. So in future I may look to this as a place to either move a stop loss to breakeven or actually close the trade. For now I will sit on the position.
So today I will do nothing, I will watch and wait for a reaction to the underside of the trend support channel on the various charts and make a call tomorrow. The daily pivot could provide a bounce higher, but I am looking for a break below yesterday’s low.
Dax Support & Resistance
|200 Day SMA||10715|
Terrible day yesterday, but I kept it