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Daily TPO homework for DAX and NQ


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Daily TPO homework for DAX and NQ

  #51 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Both 61.8 and 78.6 fib of the whole tight morning range are traded by the market. Remember this and trade this when you have tight and well defined ranges.

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  #52 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Today's London session was once again of a tight range bound type -- the initial balance is tight and there is not much of a range expansion.

Clearly the London is awaiting the lead from New York. Today's daily profile remind me a lot of the days of last year -- lack of conviction in London and drive in New York.



Set complains aside, the key question is how to trade this market. Tight range bound market can still be traded if you are able to identify the day type early in the session.

The clue are two folds, firstly it has open in the prior day's value within the first TPO hole (gap filling action means it is most probably a non-trending day), secondly the rejection to go below the low set before the open.



For a range bound market, the 61.8 and 78.6 fib of the whole range are usually faded by the market. Hence we could also grab a couple of scalps from those fib levels. Note that we are not seeking a home run trade from those fib replacements. 5 to 10 points scale off is recommended. You can put down a limit order at those fib levels and let the market to hit those orders. IF you would like to trade after you see some confirmation, then it would already be too late as the trade is already be already after 10 points rotation.

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  #53 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Yesterday was a balance day. It is reasonable to have a balance after a big trend day up.
The overnight inventory is 100% short As we speak, we are still trading below yesterday value, which increase the odds of a correction day to the downside to repair the charts. In my mind the area between 6520 and 6460 is a poorly traded area that requires some filling.

The bias of the day is to the down side so long as the market is kept below yesterday value area high. If it trade above yesterday's VPOC at 6515, I would reconsider my short bias.
The scenario in my mind is to have a counter auction to the overnight inventory out of the open and got rejected at yesterday's VPOC and then turn to the down side.

On the downside there is a naked POC of Wednesday at 6465, which could be a nice target to shoot for.
If market were to trade to 6400, I would consider the profile to be fixed.

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  #54 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
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Here is a better chart.

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  #55 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
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Russell has tested yesterday's POC already.
It is poise to trade lower it seems.

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  #56 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
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Most technical instrument is once again russell that it has reacted to the POC and now it had the rejection from the VPOC> A beautiful trade there. Nearly no heat has been taken.

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  #57 (permalink)
 
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 gisot 
Milan, Italy
 
Experience: Beginner
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it looks like there are 3 lower naked POCs for RTY, that could be cleared soon (today?). I hope so.

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  #58 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
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Watch for buy setups.

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  #59 (permalink)
 
gisot's Avatar
 gisot 
Milan, Italy
 
Experience: Beginner
Platform: NinjaTrader, TWS
Trading: ES, Stocks
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please,
what is this indicator? something similar to vwap but applied to tick (it appears there are standard deviation bands) and what is the cumulative on lower panel? Do you still work on NT7 only?
Thanks.

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  #60 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Actually same setup appeared in all four indices the same time. Just pick the one you like the most.

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Last Updated on March 29, 2019


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