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
The most predictable (of late) modus operandi continued last night, as Asia sold off the late rally in MNQM23, throwing it to the low end of the 13-handles VWAP line channel, and even though hourly price spreads and volume lean negative, there could be a rally in the wings as European trade glides along.
With all the seemingly dour earnings projections and fear-mongering, traders seem to be playing the ranges and parking the money. Since data other than global PMI may not shake markets that much, and since it is Friday, we could see more range-hopping, but given the current economic and political insanity, anything can (and often DOES happen).
I will simply trade what I see, which is what I will describe here.
If MNQM23 can remain above 13070.50, given the wide range of the hourly bars, it could regain 13135.50 and even the previous 13199.75. If buyers pile on, then 13248 and even 13309.50 can happen by Monday. A lot will depend on news flow if the atmosphere gets bullish.
If MNQM23 cannot climb above 13070.50, it could be a quick trip back to 13022, and 12973.50 and 12912 are possible targets if VWAP support breaks below 12932.50.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
I took 32 NQ points long in profits yesterday and moved on to other work. Again, I don’t have a feel for a major direction change ( as it is sloppy at best currently). All I am doing is trading for the expansion targets I see, hitting them when I can, taking profits, or moving stops to break even judiciously and moving onto the next trade setup if there is one. I carry no agendas other than to protect equity, take profits when I can, and follow my trade plan.
Let’s see what happens. We do seem trapped in a range for now, but it can change at the drop of the hat, or at the opening of the mouth of some governmental wonk’s pie hole. Have a fantastic Friday, a great weekend, and a profitable end to the week! I will be writing this weekend.
