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Econ GMT+7
2015 ADP NFP
2045 Chicago PMI
2200 Pending Home
Prior Day Overview
Yesterday we opened below VAL in range and tested down below Y_Low before reversing up steadily and eventually tag Y_High, where sellers then came in and brought it down to MID. VPOC shifted higher steadily but shifted down to MID in the afternoon.
We tagged Y_Low for the first time, one timeframing is over
Bigger Picture Context
We are currently at an all time high. We have been in a bullish sentiment post the US election and the one time framing was cut off this week.
We are still in a range this week and building volume at 2205.
Prior Day Overview
Yesterday we opened above range, had a quick test up and immediately traded down into Wednesday range. We then balanced around 2205.75 until lunch time where it ended up being the TPOC and extended the range downward during PM session. VPOC shifted at the end of the session, just 1 tick below the close 2199.50.
We succeeded creating a high but ended up being an excess high
Responsive selling back to the range
Even though selling was aggressive, chances are it was done by intraday traders, not OTF
VPOC shifted lower but we failed to push below the excess low on Tuesday, single print at 2197.25
Overnight
At the moment, we pushed thru yesterday weak low during European session, but things are pretty balance. Overnight inventory is a bit short and delta is quite flat.
Hypothesis
Still stuck inside the weekly range. We test down early morning, found support around 95.50 MCHVN and push higher to 2199.75 Y_Close, then 2203.25 HVN.
Break out attempt of the weekly range. Push higher to Y_Close and accumulate more seller and push thru below to 2196.25 and MCLVN 2191.75
"If I trade only setups I will continue to struggle, but if I trade my thesis I be successful" - Inletcap
