Trading Plan for the days action 5/11/21

The SPI200 again rallied in overnight trading to add to the days session gains. Price pushed into 7422 and I expect price to extend into 7450 on the open and flush sellers. If we see a push down on open, expecting that a higher low will again hold. The DOW …yeah I know…I keep drawing up bearish plans…but it may happen one day. Price keeps being supported on pullbacks but I expect it to be choppy today ahead of Payroll data tonight. The Hang Seng was a strange session…price took a hit in the first session and then rallied hard to make back the losses in the second session. In the thin overnight session, price took a big hit and consolidated between 25005 and 24930. Feel that we may see a flush lower and then pop higher to squeeze sellers but I would not discount a selloff on the Index to 24800. The Nikkei is in no mans land between 29860 and 29595 so will need to see a shoulder (higher low or lower high) build for either a short or long today.

Cryptos were edged lower with Bitcoin holding below resistance around 63850. Price is squeezing out recent buyers but looks controlled which may indicate the 60000 level will hold price up. Ethereum remains in a longer term uptrend and rejected a push down into 4424. Will be watching for a higher low on a pullback for longs or a lower higher for a short into 4424.

Join Our Traders Discord Channel (email for the link)

SPI200 Index

DOW Index

Hang Seng Index

Nikkei Index



Do you have a comment...okay, lets hear it!!