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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.
Can you help answer these questions from other members on NexusFi?
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.
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.
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.
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!
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.
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!!