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Following on from yesterdays chart. We're looking for the price to come back towards 1788-85 levels before we decide whether to take the long to target 1820. We're scaling in, ideal entry for this trade would be around 1810.

Todays levels:

Support:
1803
1798
1785-83

Resistance:
1810-11
1820
1826

Dear Members. We can not stress this enough, if you're following along or even trading your own strategy and you're relatively new to the markets, this is not the time to go in with big lot sizes. Please be responsible with your lot sizes and ALWAYS use stop loss on your trades.

Key level here at 1812. We messaged on the chat group, if it breaks above 1812 we're going to invalidate the trade

There are two scenarios here. If it keeps resisting here its likely we'll go down first then up towards 1830. If it really wants to squeeze out sellers, it can go up first then come back down to 1790 levels. We're in on the short, however, as we said, if it breaks up above 1812 and closes the stop is there to protect us.

Tip: When you're in a trade you should be comfortable with the trade. Knowing where you're entering, where you're going to exit the trade and where your stop loss is. If it hits your stop loss, it shouldn't be a problem for your account, your money management is key to your trade. If a trade makes you uncomfortable, you shouldn't be in that trade at all.

Today is also Options Expiry for Futures contracts.

E.g

Thats 30pips from our entry. We're taking 50% here

Stop moved to entry. Free trade now

Moving the stop down to 1808

Trade complete

Now we want to see if we break 1812 and close above it. Please refer to the attached chart for levels.

Perfect entry, perfect exit. Pip to pip capture. Now we're sitting and waiting for levels to break. Probably no more trades for today.

We're done for today. Hope everyone had a good days trading. Previous charts are still relevant so please keep an eye on them for levels and direction.

See you tomorrow.

We're not in any trades at the moment. This chart is updated from yesterday.

Support - 1805
Resistance - 1812-14

We're waiting for one of these levels to break. So far its looking like our 1827 is likely, however, we're sitting and waiting.

This is why we sat and waited. We've had a breakout. Lets wait for equity open and see what they do. 1786 is next support

We've spoken about how accumulation works on previous posts here. They take out one group of traders first, then the other. Then the market decides its new direction