12/1/23 US30 Daily Outlook
#US30 #DailyOutlook
We moved through the W-RB/D-OB with an impulse to the upside to take out PWHs from 7/24 and 2/7. This put us at the highs around 2.6% off of created a new all time high on US30. We left +FVGs on the 4H and Daily and these will be my focus going into Friday and into next week, “How do we manage the FVG levels. Today’s PDL is out of range and we have already tapped the high. Given the news today is will be interesting to see the reaction of price.
10:00am
USD
ISM Manufacturing PMI
11:00am
USD
Fed Chair Powell Speaks
2:00pm
USD
Fed Chair Powell Speaks
We have #PMI and Powell speaking as our biggest movers tomorrow and given that there is news in the morning and in the afternoon there may be stalled prices throughout the day. We may all see two swings as well so the biggest thing will be to trade with risk in mind.
#BullishCase: The bullish case for me will be to tap the AS/SY session highs and return to the 4H+FVG in the process. That’s if we can do this before the news release. Would like to see us hold within the range of the 4H+FVG and make a bounce from there.
#BearishCase: The bearish case will be to move to the LTF and look for sell to but setups within the range to reach the high, middle and low of the 4H+FVG and the D+FVG. One area in particular is the 1H+OB near the mid point of the D+FVG. Us trading down to this area would be in line with the trend.
1H chart
4H chart
D chart
#US30 #DailyOutlook
We moved through the W-RB/D-OB with an impulse to the upside to take out PWHs from 7/24 and 2/7. This put us at the highs around 2.6% off of created a new all time high on US30. We left +FVGs on the 4H and Daily and these will be my focus going into Friday and into next week, “How do we manage the FVG levels. Today’s PDL is out of range and we have already tapped the high. Given the news today is will be interesting to see the reaction of price.
10:00am
USD
ISM Manufacturing PMI
11:00am
USD
Fed Chair Powell Speaks
2:00pm
USD
Fed Chair Powell Speaks
We have #PMI and Powell speaking as our biggest movers tomorrow and given that there is news in the morning and in the afternoon there may be stalled prices throughout the day. We may all see two swings as well so the biggest thing will be to trade with risk in mind.
#BullishCase: The bullish case for me will be to tap the AS/SY session highs and return to the 4H+FVG in the process. That’s if we can do this before the news release. Would like to see us hold within the range of the 4H+FVG and make a bounce from there.
#BearishCase: The bearish case will be to move to the LTF and look for sell to but setups within the range to reach the high, middle and low of the 4H+FVG and the D+FVG. One area in particular is the 1H+OB near the mid point of the D+FVG. Us trading down to this area would be in line with the trend.
1H chart
4H chart
D chart
