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Daily TPO homework for DAX and NQ


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Daily TPO homework for DAX and NQ

  #641 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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FESX has already had two touches of the 3250 level and a potential small M top is brewing.
Once yesterday's low being taken out, the M top could be confirmed and we should be able to see at least a retest of the 3220 key level.


shrekchenbin View Post
Both ES and FESX has tested their respective key levels of 2780 for ES and 3250 for FESX during light holiday trading.
The rejection or acceptance would have to be confirmed by the cash session trading, I would expect some reaction from those levels.

I would watch closely for the order flows around those levels to gauge the strength of the market.



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  #642 (permalink)
Rodoslav
Schaumburg
 
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What's going on with ES Are we buying it or is on the falling edge....

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  #643 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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I wasn't actively trading this week as my kid was sick again plus i have other responsibilities.

I think both ES and EuStoxx50 had a clean break to the upside.
For ES it is highly likely that it is meant to take out the stops residing above 2820 major resistance.



Rodoslav View Post
What's going on with ES Are we buying it or is on the falling edge....


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  #644 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
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We can not ignore the fact that the EuroStoxx50 is trading into the lower bound of the 2018 value range.
It is likely that that trapped longs in that 3 quarters long range would act as overhead resistance.
Personally, i think the top of the European stocks is very near.

But I would not short before a top formation is in place. Because the 2 months long up trend is not going to be turned around in a flip of a finger. Lots money are committed on the way down to buy the dip in any stocks at this moment.

Hence a reversal scenario would only in play if a big top formation (preferably of a size of 3 to 5 days range or bigger) is formed and broken to the down side. Before that I would just sit on my hands for the shorts and waiting to buy the dips into the liquidity pools.




shrekchenbin View Post
I wasn't actively trading this week as my kid was sick again plus i have other responsibilities.

I think both ES and EuStoxx50 had a clean break to the upside.
For ES it is highly likely that it is meant to take out the stops residing above 2820 major resistance.


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  #645 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Massive weekly range compression.
Dow has only made 300 points range this week in contrast to 800 average weekly range.

This is going to have deep implications for the general equity markets in the coming weeks -- it is either going to make a clean break to the upside to run stops or it is going to break down from this high volume area making a firm top.

At this moment, the first scenario is of higher probability as the volume is not excessively high in the last week, hence, the weight (volume) distribution is still supportive to the market and more favorable to the long side.

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  #646 (permalink)
 rdaytrader 
Netherlands
 
Experience: Intermediate
Platform: TWS & SierraChart
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untradeable this week...

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  #647 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Indeed, range compression across all equity indices.
Disgusting market condition throughout the week.
Terrible week for day traders.


rdaytrader View Post
untradeable this week...

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  #648 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Was busy with interviews last week, no time to update the charts.

The most striking thing I have noticed is that the ES has finally lost its up trend line which has been holding since end of Jan, which is saying the bulls are totally in control. As a result, the volatility gets compressed as all the dips back to the trend line get bought.
After the trend line break, the odds for topping process is high that it would start consolidate within yesterday's range. Once it broke out of yesterday's high and stand firm above it, then it is the end of the bear scenario.
Above it, stands the 2820 major resistance. If it were to be taken out, then the scenario of making a new high would be on table again. The coming days are going to be the critical turning point for the market. Looking forward to it!


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  #649 (permalink)
 shrekchenbin 
UTRECHT/The Netherlands
 
Posts: 644 since Dec 2016
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Dow has tested the prior major resistance to the tick. Dow's technical landscape is noticeably cleaner than those of ES.
Trade Dow can be much more stress free most of the time than trading ES because you can have much precise entry in it.



shrekchenbin View Post
Was busy with interviews last week, no time to update the charts.

The most striking thing I have noticed is that the ES has finally lost its up trend line which has been holding since end of Jan, which is saying the bulls are totally in control. As a result, the volatility gets compressed as all the dips back to the trend line get bought.


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  #650 (permalink)
hftj
guangdong china
 
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shrekchenbin View Post
Yesterday's value high at 11941.5 has provided strong support to the market after the cash session open (see Figure 1 attached).

From the weekly perspective, the weekly TPO has a bullish bias with a buying tail. Since we have rejected the price from going below the weekly TPO sitting at 11948, it has opened doors to an advance towards the weekly TPO hole between 12125 and 12160 some time next week.



Hi~
Can you answer some questions?
Which volume profile file are you using?
and Can you send me the resistance and support indicator files?
THANK YOU!!

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Last Updated on March 29, 2019


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