So we’re about to kick off the session on Thursday out of Europe and it’s already looking as though we might be in for some volatility. Things got pretty rough overnight from an intranet trading perspective, with price jumping in and around the 4000 mark, fluctuating between control by the bulls and the bears. Exactly how this battle is going to materialize throughout the session today is unclear. We’d love to see some reasonably long-term strength get a hold of the market and really start to get things moving. We’d love to see the above mentioned 4000 level in the rearview mirror and done with once and for all. We can’t be sure that’s going to happen near term, however, so we can’t really bank on a bullish approach.
What we can bank on, on the other hand, is a double-pronged approach spearheaded by out intraday strategy.
Specifically, we’ll set up on both sides of the market and see go where price leads us.
So, let’s get things in place. As ever, take a quick look at the chart below before we get started. It’s a one-minute candlestick chart and it’s got our key range overlaid in red.
As the chart shows, then, the range we are using for the session today comes in as defined by support to the downside at 3829 and resistance to the upside at 3869.
We are going to initially look for a close above resistance to justify a long entry towards a target of 3900.
Looking the other way, a close below support at 3829 will have us in short towards a downside target of 3790.
We need stop losses on both positions to ensure we don’t get caught out, so somewhere in the region of 3855 and 3838 on the long and short entries respectively looks good.
Charts courtesy of Trading View