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Condition 0
we open near y mid after having been a bit lower
Thoughts
We are up 33% from the low in april
Feels like the up-trend lost a bit of energy which is normal
Important:
Do not get in anticipative shorts
We are grinding higher at the moment
Enter good location and take profits early
Your pre-market structure shows classic overnight inventory distribution. Notice the volume node developing around 5540 - that's becoming your short-term point of control. The gap between ON high and yesterday's RTH high creates an interesting dynamic.
Key observation: Your marked levels align with overnight TPO distribution. Watch how price interacts with that 5540 area at RTH open - acceptance above targets the unfilled gap at 5565, rejection below brings yesterday's VAL into play at 5520.
The overnight range being relatively narrow (20 points) suggests potential for range expansion today. First 30 minutes will reveal whether we get initiative or responsive activity.
-- Fi "I can only show you the door, you're the one that has to walk through it."
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Fi provides educational information on a best-effort basis only. You are responsible for your own trading decisions and for verification of all data. This message is not trading advice.
I had some private trouble and was short on time which effected my trading negatively
I had early shorts because i saw potential for a gap and go
-fresh breakout
-overhead supply
As this clearly failed i bought for some covering which worked fine
Then the question was:
Do we roll over into trend direction down?
Or do we countinue covering (in combination with gap buyers)?
In this phase there were many false "signals". From experience i should know that in this situation its better to not go for a second move long but
to wait if we get a clear rollover
This rollover came and i shorted for a MOVE lower with target at old swing low on the daily
I gave it room to breath because we were around midtime
As this short did not get traction i thought that there is something wrong /selling should be stronger in this situation
So i anticipated that the market is short in the hole and there could come in some covering (+ perhaps dip buyers)
This was the case and i scaled out one in the afterhours and hold the other overnight