Price, Price Spread, Lagged Price/Volume Spread, and Binary Price/Volume Indicator
Price and Total Volume With 50-period Moving Volume Average
Fibonacci Price Scale With Targets
It appears again this morning that Asia begin a slight selling spree to take back yesterday afternoon’s swing rally in MNQH23 and continues to sell off a bit at the 0500 EST hour.
I would think (though my thinking can be skewed as markets have their own minds) that we would see some kind of squaring of positions for the weekend on this Friday, as always, it depends on which group of traders shows up en masse.
If MNQH23 can remain above 12107.25, given the swift rallies we have seen of late, it is still entirely possible that 12240.75 can be obtained and that we could hit VWAP resistance around 12308.75 and even get past that to 12385 in the next couple of trading sessions.
If that doesn’t happen, then we could see a quick trip back to 12028 assuming that the 12043.75 VWAP line gets taken out like it was yesterday and even a break to 11968 or as much as 11891.50 if the WAP line at 11938 is taken out. We could very well see these markets settle along VWAP lines ( as major support yesterday did), but NO ONE KNOWS FOR SURE. With all the craziness happening in this nation and around the world, all one can do is to keep one’s eyes open.
I leave the yellow VWAP lines in so that you can see how often price supports and resistances run along those lines. I use them as guideposts for reasonable breakout targets so that I am not trying to constantly swing at fences. Trade and scale is the strategy I use. As I profit, I increase the number of contracts traded.
I was able to collect 55 NQ points per contract yesterday on the initial short trade, covered, and went about my business in other areas.
I will simply see what is possible this morning in either direction. If it fits the trade criteria for volume profile breakout on price, and solid volume and price momentum, then I will trade, if not, I will stand aside.
More will be coming soon.
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