S/R Levels Home Depot 1HR Chart Hi all, these are the support / resistance levels for NYSE:HD
As you can see marked by the dashed green line we have weekly support at 112.38 which would of been an ideal area to get long on the retest of support.
Resistance is currently at 116.30 with 121.07 following shortly.
Monthly support is at 109.49
A potential trade: If I hadn't gotten long at the 112.38 retest, than my next option would be to go on a 15 minute chart and day trade the breakout above 116.30 resistance. How? There is a good chance we'll open with a gap above resistance so if that happens there is a good chance the gap will be filled and we will see a retest of 116.30 in which you would keep your eyes on the tape to spot the change of hands between buyers / sellers. Once buyers enter the market then I would get long with two long targets of 118.60 and 120.50 with a stop loss around 114.85.
(This would be my trading plan if I wasn't already long HD)
This is somewhat an example of my thought process when trading.. You see even if I plan on day trading, I always have a plan in mind for the following day. Which in return prevents me from chasing every single stock that's making a move and also helps remove the emotion out of the equation because I planned ahead for different scenarios, and ways to trade them or simply not trade them.
Happy trading guys/girls! =)
