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As planned i bought pullbacks, one at vwap, one at gap close
This day happened what did not in the last weeks. We had some continuation to the downside
It was not really strong. VA stayed clearly above prior day
NQ was moving down
ES had problems to move down with its mixed moving sectors
What we saw in the ES was a look below multi-day-balance and fail
I am running a bit under EV at the moment but this will change for sure
Objectives
On friday we closed higher but with a p shape
Today we come in with a huge gap down and open in the middle of the multi-day-balance area Overnight inventory is short an we open at the bottom of the onr
Thoughts
If we see continuation the target would be the low of the balance area
However, i do not follow large gaps early
I will watch if we get some counter move to balance overnight inventory
Could be choppy in the fat part of the profile
Are you able to share this TPO --- also, on days when contracts roll over like today -- how do you have a unified look for the NQ TPO and not the massive gap up that occurs?
I have some TPO's of my own I am willing to share if you are interested - but they are not as clean as yours.