- Technically the MKT is vulnerable to the offer. On the SELL side accept all BREAKOUT, FADE and REVERSAL signals. The MKT is on edge and any negative signal, especially below the previous session high, is an opportunity. Anticipate a price "zone" around a major resistance point to FADE. Have a plan and be ready. If your stop gets hit and the MKT does not immediately follow through, consider re-entering, even doubling up if there is structure to define low risk.
- On the BUY side REVERSAL strategies can be executed off of major support levels but preferably after an emotional sell off. This is an aggressive strategy and any profits should be realized at the previous support failure points. Avoid DP FADE BUYS even with confirmation, as this is more likely a plateau for a BREAKOUT SELL strategy. UP BREAKOUT strategies are not recommended but do have a better chance of succeeding than a DP FADE.
Today's PRICE MAP Performance for DA
- With an MC Value of -5 and a BEAR TREND Market State, the expectation for the session is for a follow through in the BEAR TREND signal below the R Level. The market respected the R Level on two separate occasions during the overnight session before starting to sell-off gradually. Notice too, the 26 period SMA has crossed from above to below the 50 period SMA, signaling traders to look to accept SELL signals. At 6:30 am CT, the market produces a SELL DP BREAKOUT strategy, in line with our Sentiment Bias as well as our Moving Average crossover tactic. After falling through the DP, the market rallies and tries to trade back within the Critical Range with no success. The market begins to sells off, stabilizing at the minor level 1.0301, before moving down to the DT1 and eventually the second minor level at 1.0271.
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