NQ Price Action Journal

So we reached the bottom of the daily TC and found demand, now we are reaching the midline of the hourly down TC from the 7th. (30).

The most recent SL has been broken and it seems like bulls are aiming for the 40 area again.

If bears push at the midline (30) and the trend Reverts down, the congestion between 08-17 could provide some buying, if they manage to push below 06 there is not much until we reach 76.

If bulls take us above the midline (30) then 40 would be the next stop as they are rejected by those who dont like them inside the last value area.
 
So bears finally had it their way today. There was some struggle at the beginning when bulls pushed for the 640-720 value area but were rejected .

From there it was down the hill. all the way to 605.
 
Interesting morning, we made it all the way to the bottom of the TC, pushed back towards the bottom of the TR (640-720) and went back down again, but there bears gave up, who knows why. Perhaps someone knows, but that´s not the point :), the fact is that bulls pushed up and are currently once again at 640. Seems like the value area with an MP around 680 is still attractive for traders.

I noticed a HL + LH, is not exactly a hinge, but i found it interesting, hence I plotted it. Perhaps is just a bunny in the clouds.

If we can make it above 652 we will have a New TC, it could be the frame to watch until we get to the top of the longer term down TC around 675. If we bounce down, there could be some struggle around 20 and 10. Doesn't look like a cascade down hill scenario, but you never know.
 
This week´s schedule has sucked, will post yesterday post session analysis at the end of the morning.

For now Prepwork:

So it was a hinge and we did find S at the top and again after the BO all signs of weakness.

At the time of this post we had already reached the bottom of the TC from the 7th. and bears were rejected there.

Now we are below 50% of the daily move from feb 6% so there can be some struggle here, this is also the bottom of the daily TC. (It is amazing how these things interconnect, sort of esoteric :) )

There is a SL coming from yest morning, if it can be broken it will mean that D is confirmed at the bottom of the TC an at 50% of the daily move, if not well, bears might try another shot
 
So it seems like buyers were taking a shot at the Hinge BO, but got stuck at 73. The Uptrend is still holding, but if they cant pass 73, that will give bears an incentive to push towards the apex of the hinge at 53, there, either bulls show up and buy to S prices or bears get excited and start pushing for more. Lets she what happens.
 
Today´s log:

At the open a failure to break below the PM TR was the trigger for the REV, it was pushed fast enough not to need a scratch.

Then after reaching 92 (50% of the down move from wed) bulls stalled and couldn't keep the pace, the trend kept moving up until 11,.

The 3rd exit of the initial long was the SAR (inability to push forward at 50%) It failed and was scratched, then I attempted to buy the BO of the TR, but even after taking of it was short lived, by then action had channeled and bulls gave up at the top of ths Nano TC.

Will post scratching file later.
 
You must log in or register to reply here.
Back
Top