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
Seems that overnight Asia and Europe continued to hold the line for MNQM23 to maintain the gains of Friday afternoon.
There are still concerns about regional bank solvency, and still lots of questions about earnings going forward, but it appears, absent a banking system collapse, that traders think the Fed will continue with the “free money” (after inflation) once these crises are managed, if Friday’s action is an indication that someone thinks our economy is thriving, even if isn’t, exactly.
All I am going to do is focus on price action based on volume profile, volume, price momentum, and the interaction between price movement and volume, using Fibonacci patterns and extensions for my targets.
If MNQM23 can move above 13335.25 and remain above 13092.50, it has a shot at running past 13358.75 to perhaps hit 13432.50 and 13536 or beyond in the next couple of days.
If that doesn’t happen, and we see sellers take hold, the first stop might be price support around 13190.75 before perhaps rallying again. If not, and MNQM23 falls below 13092.50 and 13087, target lows of 13013 and 12919 are possible over the next two days.
Friday was a fantastic day to be long and a trend day to boot, and I had a long position in place and had moved the stop confidently to breakeven, expecting the trade to run wildly. It did, but not before a huge seller blast backed into my breakeven stop, giving me a MASSIVE 1 NQ point gain.
I really don’t feel bad about it, as I did not get the boot, but missed the targeted opportunity I saw. By not losing money, however, I can entertain and capture the next opportunity. Life indeed goes on.
More will be coming soon. Have a pleasant and profitable Monday. The heat is on in South Carolina on Tuesday. Hopefully, Spring is heading your way too.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
