Market Plan for October 18th, 2023

Breakout soon?

Good evening folks,

We followed the same routine as usual today - a clean and tradable move in the morning, followed by horrific price action in the afternoon. We opened at 4343 after dropping 30 points overnight. We immediately surged to 4396, almost hitting 4400. After this, we dropped and chopped for the rest of the session, closing at 4375 with a slightly bullish tone.

It was a day of many opportunities as we ping-ponged between levels. Overnight, my projection proved incredibly accurate. I took both sides of this trade, capturing a part of the short, then flipping long at market open, targeting 4400. Once we reached ~4395, I took profits and flipped again, going short. I tried catching the knife, flipping long at 4378 again. This time it didn’t go in my favor. I gave a bit of gains back in the afternoon chop. I bought again around 4365, a position which I am still holding.

Is tomorrow the day we finally break out of this range? Here’s what I think: