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
We will be getting key manufacturing data and housing data this week (with Chicago Fed and Dallas Fed data out at 0830 and 1030 respectively). I have no idea what will turn up there ( as often the regional bank governors contradict what Jerome Powell says, so anything is possible).
I prefer to look at price structure, volume, price momentum, and volume profile to make trading decisions. We are still running up and down the floors of a condemned building with MNQM23, and the large holes in the floors can be climbed or fallen through to find the next target levels, both bullish and bearish.
If MNQM23 can remain above 13077 and buyers prevail, 13121.75 is very likely achievable, with 13151 and 13188 and beyond possible over the next two days if a rally continues.
If MNQM23 cannot remain above 13077, it could be a very easy trip back to 13014.25 and back to 12985, and 12947.75 and lower are possible if sellers command the trading floor (electronic though it may be).
This market will prep itself for next week’s unemployment numbers and Federal Reserve rate decision. It is not impossible for algorithms to get back into action or perhaps for volume to become erratic as it did with options expiration on Friday. I was able to get net 6 NQ points per contract and that was all I could do in the morning session. I did achieve my goal of “making a profit” and maintaining my contract level (number of contracts). That is the platform I need to scale to make more profits in the future. Your first job as a trader is to protect equity, and that is indeed what I did.
I hope everyone has a wonderful Monday and a profitable trading day too.
More will be coming soon.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
Fed is damned if they do and screwed if they don't!