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
Potential Hourly AB=CD Pattern in MNQM23
Overnight, Asia and Europe participated in a disciplined rally after yesterday’s selloff until about 0300 EDT when the news of a surge in credit swaps of Deutsche Bank sent sellers to the terminals and began to reverse the rally. Perhaps St. Louis Fed President Jim Bullard may make a noise, given what is going on in Europe, but who knows?
What I want you to focus on is now cleaning price action in MNQM23 along those previous and current VWAP lines as traders with positions at those levels begin to move them in one direction or the other.
If MNQM23 can get above 12921, it could easily recover back to 13081.50 and over the next couple of days break this contract out of its price channel to get to 13112.50 and 13215.50.
If not, we fall right back into retesting 10733.50, 12652.50 (if 12674 is broken through), and even 12549.50. The intraday ranges are wide with all the insanity and volatility, and those targets are not unreasonable.
It is possible, given the Deutsche Bank news, that we could see an AB=CD pattern with 12633 as the potential target but only time will tell.
I am going to follow the charts to find reasonable targets and if they don’t meet the trade plan, I am not going to trade. I needed only 12 NQ points per contract yesterday after the volume bounce took a portion of my profits, but I profited, so the rock moved forward. I will be back again today to see if a trade fits my trade plan.
That is all for now. I will post this weekend. Have a good trading day and a wonderful Friday and weekend!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
