Daily Plan 9.13.24
When we talk about our levels or setups, the intent is not to flex or throw a shade on other furus, though there is enough material there, if I want to.
The main intent is educational- so you can look at these levels and try and fine tune your own strategies around them. ]
Now look at that level I share in night on the upside, and then look at the downside level.
What do we see? we could not even trade one tick above that level before selling off and then on the downside, barely 2 dollars of activity before running back up to our upside level- all within 3 hours. Cherry on the cake is that none of this is in hindsight, but all published one night before- right or wrong, you can decide.
While I firmly believe in sharing and constant learning for all of us, the fact is we can’t have a very large group else the levels will stop working. The quorum size we have now is just perfect to share and learn from each other- both when we are right and also when we lose, as best chapters in book are those.
Now Emini levels is just one aspect of this blog- a rather small one. If you look at some of my other calls, like the low in Oil at 64 (now 70) or NVDA bull call at 104, now 120, or for that matter bullish TSLA call at 200, now it is 230, or Redfin, or Amazon, or CCJ, PLTR etc, you can see the breadth and scope of the markets I cover. Now the post itself may just take 6 minutes to read, but the amount of effort that goes in is far greater. Emini levels alone, for starters, are labor of love of 6-7 hours of watching tape and level 2. Every single day.
Levels for tomorrow
So for tomorrow, I think it is safe to say that the related risk on markets, like Gold or big tech or Oil, have supported the bulls. Now remember, these levels are a context- they are basically just a probability wrapped in as numerical levels. The thing with probability is that it has a chance of happening. It is not 0%. It is not 100%.
So if you take this session today, and say we open above 5600, I think in this instance, there may be little incentive to offer below 5600 as the market may just take off.
Scenario 1: So in this instance, if we open AND remain above 5600, I favor a test of 5630. If we give up 5630 within first hour or so of trading, I expect a test of 5667-5670.
Scenario 2: This will be voided if we either open below 5600 or we offer below 5600 in the session later, which could target 5563 area from today. At time of this post, we last traded 5600.
Generally you do not wanna ignore that first hour of trading as it is the most liquid period in entire day- the moves tend to be less choppy than overnight sessions, so it is very key concept to understand.
Much more to come with respect to NVDA, TSLA, AMZN, AAPL. Party is just getting started. Stay tuned.
~ toc
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