Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Today is a rotational day, that is why there are rotational trades from both sides.
I am picking up trades from both long and shorts based on the TICK divergence.
Too bad that Eurex does not have TICK for DAX.
ES has filled gap we have called yesterday and found reaction precisely from the VAH of this Monday.
IN the meantime, YM has found support at the VPOC of this Monday. ES and YM's price action are highly correlated, when one is testing a significant technical level, the other one would be testing another crucial technical level. While the NQ can just be doing its own things without being in line with the other two. That is the reason why I have decided to drop NQ in order to focus my attention on trading ES and YM.
The Globex session has completed a consolidation pattern. It felt to me that the ES is ready to trade higher so long as yesterday's low are not taken out. By looking at the 60 min chart, we can see that the ES is consoldiating above the resistance it has broken out of early this week. It makes sense to retest this level and consolidate first before another leg higher.
My primal scenario for the day is open test and drive -- have an counter auction to the overnight inventory before shooting higher.
Another scenario is to open test drive and failure that it would rotate a bit more to build value here before a decisive break out some time next week.
Let's see which scenario is going to play out here.
Tactically, I am still going to use the TICK divergence, possibly combined with Wolfe wave pattern, to enter in a long trade some where below 2690 level.
As you might have noticed that the Wolfe wave pattern were working out very effectively yesterday and the day before. Let's see whether it can continue its performance today or not. My sense is it still can as it always do.
Open test drive scenario negated. It has developed into an open test and failure pattern.
After the failed test, market is in a full liquidation mode.
Especially the dow.
Long and stretched selling profile.
Looking at the TPO hole just below yesterday's value low.
Looking for a TPO hole filling price action in the second half of NY session. And expect a rejection from yesterday's VAL.
