Market Plan for August 14th, 2023

What happens when the range finally breaks?

Good evening folks,

Last Friday’s action was entirely range-bound. We opened at 4450, declining from 4470 overnight. This was our first target. As soon as we opened, the market went for a typical stop hunt, removing all the longs.

We then surged upward to 4470, dropped back down to 4450, then up to 4470 again. We repeated this process many times throughout the rest of the day. Buyers did not have enough energy to break through our 4470 level, sellers did not have enough energy to break below our 4450 level. This left many tradable opportunities, despite the choppiness.

I made a video of one of the trades I took (below the chart) so you can see how I use supply/demand to trade live.

Supply/demand chart: