from w1 perspective ASX looks grim. This sentiment seems to be the same for all global indices, just that ASX has yet to plunge as hard as DAX or DOW. If more points are wished to be made, then trades will have to be in DAX or DOW. Since i have no positions left in DAX n DOW, i shall look to play out this current risk-off sentiment via ASX.
Price failed to close above 2013 high and w1 fib6 as well, for three times.
On daily , a bearish kicker occuring @ a confluence of key resistance has bears great significance for me. on friday the plunge confirms the validity of this bearish kicker.
Issue now is how can I load up more shorts in a responsible method?
My plan will be as followed in d1 chart.
A trade checklist
To sum it off this is a trade with very good big picture setup, but it absence of a 1234 is losing 3-5 points for it to go above 16 points.
1) I should look to enter a feeler position on open and monitor.
2) On retracement setup I must look to hit hard.
I have altered the score for this A trade as I had missed out a 7 days high WR from a bearish kicker bull trap. based on this it should be +4 points and hence the score will be 15 instead of 11.
updated 2251 hrs
It is always a good feel to TP @ at a level which has been identified and subsequently some bounce is really seen on price. Still looking to short and it is clear that market is looking to close this d1 line chart pivot before it can continue to move down.
Retracement came in the form of a tx 1234. Resistance was decently good @ previous wr2b area, but not at an ultra obvious zone which i would have felt comfortable hitting hard.
So 2 positions entered, will looking at tuesday’s close to decide on more entries come Wednesday.