Price has been especially active over the last few days, and we’ve had numerous opportunities to get in and out of the markets according to our intraday strategy. Both our breakout strategy and our intraday strategy have come in to play (those of you who have been with us for a while will know how rare both of these strategies are active, and more specifically, effective, at the same time) and it’s given us an opportunity to get in not just on upside and downside breakout volatility, but also some reasonable intrarange sideways action as well.
This has all boiled down to a decent amount of cash at the end of the trading day, and we are about to close out on yet another up-day. Action has settled somewhat over the last few hours, but we’ve got a nice couple of key levels to target if we see a sustained move and a breakout, and plenty of room within this range to go at price on a bounce or a correction from our keys.
So, with this in mind, and as we head into today’s session, here’s what we are going for, and where we are looking to get in and out of the markets according to our intraday strategy if action allows.
As ever, take a look at the chart below before we get going.
As the chart shows, the range in focus for this evening is defined by in term support to the downside at 732, and in term resistance to the upside at 745. As mentioned, intrarange is on, so long at support and short at resistance.
If we see price break below support, we will target a downside entry towards 725. A stop at 734 defines risk.
Conversely, a close above resistance puts us long towards 752. A stop on this one at 742 looks good.
After this, are we on our way up to 800 and beyond? Fundamentals certainly support the move – let’s see if buy volume can carry it through.
Charts courtesy of SimpleFX