In this video, Paul Wett will give us an update about the trends and will discuss the support and resistance levels this week.
Are we going to see a reversal? What do you think? Let us know in the comments section below. Find out the next resistance areas by watching this midweek report.
This is Paul Wett with www.WettTraderLLC.com here to tell you about our 03/18/2016 week ending report folks.
I told you that we’ll gonna have some resistance up here near this 2037 level. Let me show you some midweek action we had here. This is actually the 15 minute chart. Like what I’ve said folks, this is a “trend system”, this is totally automated. These entrances and exits were done totally on autopilot.
Now the 15 minute chart I have reversals which we could do. I left the reversals on this whole week, I know we’re gonna have a reversal coming up here. When price and time align folks, nobody can stop it. So that’s what I look for, that’s what my software does.
This is the 15 minute, it was up about 500 for the week. This is the 20 minute, this is over 500, about 550 in these trades including this one here which we got stopped out. Like I said this is a, this is the action for the week.
Now let me tell you what’s coming up here for the rest of this week in this midweek report. Let’s get to the charts my friend because there’s lot of good things happening like I said. I don’t know if it’s gonna be short term or long term, I just look for four / five bar highs and the lows. AS you can see here, when the trade day lines up, this is my time, this is my price, now right here, we can’t have it happen one bar before the trade day which just happened as you can see here. 90% of the time, it’s on the bar, okay folks? One thing that I’m worried about this month so far is we haven’t hit the PP. We haven’t hit the PP folks. Now, we usually hit the PP 90% of the time when we plus or minus four or five points. Our low is 1958, the PP was 1919. 1925, we traded 1925 here, 2038, we traded 2038, look at that. So we we could be in store for short term reversals is all what I’m saying folks.
We have this high here at 2027, we have the R1 which is the weekly at 2030, look at this, again, timing, timing my friends. Trade day is coming up, a high is coming up and this will actually slide in to this bar because when this bar is closed, this would be the higher high, so this could be the five week high. Same with the daily, we have an R1 at 2027, 6 to 5 of that 2027.25 you see that folks? 2030’s at R1 is 3 points away, our monthly R1 was 9 points away 2036 so we all have these numbers conversion my friends.
Now if you’re visual like I am. Let’s see what it looks like in black and white. There we go! Here we go folks! So I’m anticipating a short term, let’s see where the numbers line up. Here’s the number folks, 2033.31, 2029.38 these are the next resistance areas that we want to really keep a close eye on. After that, we’ll be going to 2040 but like I said, one day at a time folks, one day at a time. Now if look at those numbers, and you take a look where we’re at, it’s actually coming together my friends, it’s coming together. That’s gonna be the key to see if we can hold this weekly close above the 40, but like I said, 1919 for our PP on our monthly is all the way down here.
Look at the monthly, it’s all the way down here, but like I said, sometimes we don’t hit it, this might be the 10% of the time that we don’t hit that but we do have the overhead resistance here, we have the moving averages, now this is the monthly moving average. So we got some support in here folks, we got some support. So stay tuned! www.WettTraderLLC.com try the demo folks, try the demo! If you like automated trading, if you like to fill a wheelbarrow full of $100 bills www.WettTraderLLC.com
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