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I am grateful that I have decided to not trade NQ today.
Look at the mess in the NQ. The technical structure is completely ruined and all the levels are run through.
In these days of heightened volatility, it is better to stay with deeply liquid instrument like ES.
Dow driving towards yesterday's low of the day.
Would that be another stop run?
But anyway, that is going to complicate the technical landscape of the dow chart.
Let's see what it is going to do from here.
Another day of bullish open and then drive through the whole range.
By doing this, the maximum damage is done to the bulls' account.
Glad that I have already flattened my long position at 17:30.
When you are saying about overnight inventories - what do you exactly mean, how do you evaluate it?
How do you incorporate overnight and premarket data? Is it included in daily TPO, or separately? Probably missed this info.
Thanks!
I am back from my holiday in China.
My hometown city of Hangzhou has become noticeably richer after the IPO of Alibaba.
It has put pressure on me that I have to think about stepping up my pace of wealth creation in order to keep up with the growth of my city. It means bigger unit risks and trading more markets. Yes, I can do it!
Looking at the chart. The DAX has finally broken the one time framing on the TPO chart that the odds of a downside correction has increased substantially. The cash session has opened in value with a bearish tilt that I would not change my bearish bias until it breaks and closes above yesterday's cash session TPO value high at 12991.5.
Yesterday's naked VPOC would be a the first trade location for me to watch for considering a short.
The scenario on the opposite side is that the break of the structure yesterday was merely a bear trap manufactured by the market maker to attract bears in the wrong position and squeeze them in the late session. In that case, I would scale myself out of the shorts and turn around to build long position when there is a thrust below the VWAP.
The prior day's cash session close provides indication of the overnight inventory. If the overnight price action is 100% below the close, then the inventory is short. If it is above the close then it is 100% long. Hope that helps.
