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 Target
The daily and weekly rations of craziness in banking, politics, and world events hasn’t changed much since yesterday. We in fact DID blow through the 38.2% retracement to near the 61.8% retracement and to me, it proves the point that there will be nothing working between the VWAP floor and ceiling levels (otherwise known as support and resistance levels) in the MNQM23 apartment building until next week when Fed rate announcements hit on Wednesday.
Overnight, Asian traders rallied MNQM23 to around the 14500 level and Europe seems to idle in these price levels prior to the New York open at 0930 EDT. Volume spreads and price momentum spreads are still somewhat bullish.
If MNQM23 can remain above the 14492 VWAP line, then it has a good chance of rallying to 14527, 14456, and 14592.50 by Monday. If not, then MNQM23 will have a fairly easy time falling back to 14421, 14392, and 14355.50 by Monday.
If I am such a raving genius, did I not score a huge win yesterday? Well, the stop positioning I used to capture profits on the first breakout trade was not adequate enough to get the big trend trade to run (which I correctly identified yesterday) and I ended up with a 10 NQ point loss. I may literally trade in the simulation today to test the modified stop strategy to prevent such events from happening next time ( as those profits will scale nicely after I hone the strategy fully, something I learned about last week). That should help next week as I would imagine there will be roiling in MNQM23.
Have a wonderful, profitable, and productive Friday. I will write this weekend.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
