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Daily TPO homework for DAX and NQ
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Daily TPO homework for DAX and NQ

  #531 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
Platform: Ninjatrader
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Favorite Futures: Cac40, FDAX, ES, RTY, 6E, 6A
 
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ES is challenging yesterday's VAL.
Would it trade through or roll over. We shall see.


shrekchenbin View Post
Russell opens below yesterday's value for the first time since many days.
The bulls are putting under pressure now. Are they going to defend and drag the price back above the water by trading through the value area or we are going to see a long liquidation day today?
I think the odds for a bearish roll over is pretty high today.


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  #532 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
Platform: Ninjatrader
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Favorite Futures: Cac40, FDAX, ES, RTY, 6E, 6A
 
Posts: 548 since Dec 2016
Thanks: 6 given, 223 received
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A head and shoulders pattern is in the making in Cac.
Cac is a much more technical instrument with clean formations.
I often use it as a leading indicator.
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  #533 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
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Morning market prep


1. Cac had broken the preliminary right shoulder high during the night session on the back of unrelenting performance in the US equity. With an open in the value area of Wednesday, I see the odds of trading through the Wednesday high is quite high.
If the break out were to be real, then we should have a strong consolidation above 4820 level and the next resistance line to challenge would be 4860 level and then 4920. This is going to put the bears under pressure.
But who said there would be easy money in the market. If a trade would be as obvious as what is presented in European equity, then there would be squeezes. Expect some final resolution early next week.
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2. DAX has a bullish open above yesterday's value, with yesterday's high being taken out during yesterday's evening session, i would not bet on the 950 resistance level being held today. For a sustainable bull run, it would be much healthier for DAX to test 10880 level where the prior day's VAH is.
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  #534 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
Platform: Ninjatrader
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The weak high in the Wednesday's TPO profile is likely to be repaired today.
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shrekchenbin View Post
1. Cac had broken the preliminary right shoulder high during the night session on the back of unrelenting performance in the US equity. With an open in the value area of Wednesday, I see the odds of trading through the Wednesday high is quite high.
If the break out were to be real, then we should have a strong consolidation above 4820 level and the next resistance line to challenge would be 4860 level and then 4920. This is going to put the bears under pressure.
But who said there would be easy money in the market. If a trade would be as obvious as what is presented in European equity, then there would be squeezes. Expect some final resolution early next week.


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  #535 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
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It is possible that Cac is making a big inverse head and shoulder's pattern below the Oct - Nov consolidation/distribution range. If that indeed be the case, Cac would have to trade back to 4920 and the left should took about two weeks to form. Then the cac would have to hover above 4760 for another 10 days in order to get the bullish rotation in a larger time frame.
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  #536 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
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Cac is heading for neckline to seek support.
basically, the bulls have failed to lift the price up due to lack of interest/demand.
The 4765 support should be strong enough to hold the cac through until New York open.
If there is bullish development in Us equity, then it should still be alive until next week.
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shrekchenbin View Post
It is possible that Cac is making a big inverse head and shoulder's pattern below the Oct - Nov consolidation/distribution range. If that indeed be the case, Cac would have to trade back to 4920 and the left should took about two weeks to form. Then the cac would have to hover above 4760 for another 10 days in order to get the bullish rotation in a larger time frame.


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  #537 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
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DAX is also in the topping process by forming a Wykcoff distribution range just below a major resistance of 11000.
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shrekchenbin View Post
Cac is heading for neckline to seek support.
basically, the bulls have failed to lift the price up due to lack of interest/demand.
The 4765 support should be strong enough to hold the cac through until New York open.


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  #538 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
Platform: Ninjatrader
Broker/Data: Interative broker, Kinetick
Favorite Futures: Cac40, FDAX, ES, RTY, 6E, 6A
 
Posts: 548 since Dec 2016
Thanks: 6 given, 223 received
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Cac back at the neckline.
Two lots of the shorts taken profit leaving two lots as the runner.
Now I am waiting for the break of the neckline today or next week for a decisive resolution to the down side.

If ES attempts a false break of 2600 key level, then I would add shorts to ES and Cac.

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shrekchenbin View Post
Cac is heading for neckline to seek support.
basically, the bulls have failed to lift the price up due to lack of interest/demand.
The 4765 support should be strong enough to hold the cac through until New York open.
If there is bullish development in Us equity, then it should still be alive until next week.
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  #539 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
Platform: Ninjatrader
Broker/Data: Interative broker, Kinetick
Favorite Futures: Cac40, FDAX, ES, RTY, 6E, 6A
 
Posts: 548 since Dec 2016
Thanks: 6 given, 223 received
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Jesus, what has happened to the US equity?
Is it a holiday or some sort? Or the government shut down started to affect people logining to their trading accounts?
2 hours since the open, NQ has moved only 30 points? you gotta be kidding me.
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  #540 (permalink)
Market Wizard
UTRECHT/The Netherlands
 
Trading Experience: Intermediate
Platform: Ninjatrader
Broker/Data: Interative broker, Kinetick
Favorite Futures: Cac40, FDAX, ES, RTY, 6E, 6A
 
Posts: 548 since Dec 2016
Thanks: 6 given, 223 received
Forum Reputation: Legendary

NY session pre-market prep


1. Cac broke down from the major neckline support at 4765. It has confirmed a top is in place for the up swing in Cac.
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2. Nasdaq is looking for support at the Thursday low which is the neckline of the topping formation. A break of that level would put the top in place for this up swing since Christmas.
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