We have been following the 1499.25 level over the past several days, noting that it is an important level for this market. There are three other blog posts on this topic, in case you missed them. Click to see: the first post, the second post, and the third post in the series).
Once again this morning, just before the US open, a trade triggered again at the same level. Did you catch it? This was perfect timing to get in just before the opening bell for a good morning trade.
Seem uncanny? Not really. Markets do this all the time. They trade around levels up and down. This one happens to be a round number (1500), which are often good levels, but just as often, key levels set up that aren’t round numbers like this.
I discuss this in some depth in the Chart Reading Mastery Course. We will see the market trade around a key level numerous times. When these levels are identified, we just patiently wait to see what the market will do, if and when it approaches the level again. Like all the trades in this series, the setups are pretty obvious. The fact that you have the key level behind it, adds confidence to the trade. Learn more about the eight -week Chart Reading Mastery here: Chart Reading Mastery
Leave a Reply