Current price is below the Daily Pivot Range (blue dots) which indicates a downward bias. However, with the Daily Pivot Moving Averages are pointed up (red, yellow, white lines) and the market price is holding support at the time of writing, with slow momentum, there is a good possibility of a reversal to the long side.
Look for the price to trade above the Daily Pivot Range as well as the ‘C’ up line for at least 15 minutes. If the time period is confirmed, then enter the market with a buy order.
The action to take is to place a buy order to enter the market long if the price trades at or above the C up line for at least 15 minutes. Use discretion, to time your entry and be wary not to buy on a spike, rather wait for a retracement to get as close to the entry level as possible (‘C’ up line). Place the stop loss at the Opening Range low and the profit target stated below.
Note: If triggered, look for the trade to play out over a period of 24-36 hours.
Entry Price: 8324
Stop Loss: 8032
Profit Targets: First profit target 8945. Once price hits first profit target, raise stop loss to breakeven and set second profit target at 9332; as trade progresses use a trailing stop loss 150-200 points behind until 2nd profit target is reached or stopped out.