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Long term trend is up, with a lot more potential to the upside. The directive today will be to get on board. Try to find the smaller streams within the big river. Of course, there is always the potential that the overnight rally is finished but until there is evidence of a change in sentiment I should focus on the long side.
Can you help answer these questions from other members on NexusFi?
Price has broken from its 80 tick range of yesterday and appears to be interested in testing more levels above. Not much doubt as to what needs to be done. Until evidence to the contrary, figure out a way to get on board long.
The expectation this morning is for a continued sell off until we reach some of the support levels below, then re-evaluate based on the market's reaction. For now, the two hypothesis are to wait for a medium to larger sized pull back to go short. The pull back could retrace as far back as Friday's RTH POC, or there may be a high volume node that develops somewhere in between that signals a stopping point.
Edit: Forgot that it is rollover day. Updated chart:
Price rebounded strongly in the early morning off of a POC area around 46.38. It is currently working back to another POC in the 45.92 area also around the VWAP. In the short term my bias is down until we hit the VWAP then we'll have to see how price reacts. There seems to be a lot more volume in the market today with clusters of trading happening at various prices. We could be seeing OTF activity so be ready for bigger moves.
Edit, mid day update. The market bounced off Wednesday's RTH POC and is now back in range and hovering around the RTH VWAP. Hard to tell where it is likely to go next. Maybe up to yesterday's POC
two trades so far for 0t and -5t. One worked, one did not.
The market is currently sitting on the 7/11 lows. Hypo 1 is a continuation to the downside in which I will attempt to find an end point on a retracement for a short. Hypo 2 is a tradable bounce off these lows where I will wait for the market to show its hand to take a long. As usual the inventory report will change everything.
Sierra charts. My Globex chart is a 30 minute with daily profiles starting at 3:00pm PST. My RTH chart is a 15 minute with daily profiles, pit hours. Standard POC, 70% value area settings.
