Hi all, felt like sharing my intraday planning for NQ today. I have two scenarios based on the opening range especially since we have taken out local lows (high probability short targets) during the open. Please note that the idea is shown on a 15-minute chart but I will often use lower timeframes (5 minute) to plan and execute.
If the low set during the opening range is not revisited some time after the open, I expect there to be a higher probability of going long, with further long confirmation as the market climbs. It is unlikely that new highs will be set today (possibly even a late day selloff), but it is possible to set new highs if the market climbs with some hourly momentum. Also it is possible that longs can be faked out into the next scenario below so size accordingly.
If the low set during the opening range is breached some time after the open, I would expect a higher probability of a slow crawl down or an unexpected spike short since all high probability short targets have been achieved. It is also likely in this scenario that the market can pullback within the opening range and chop at least until late in the day.
With both scenarios there is a clear element of unpredictability (where a quality scenario will usually provide a clear directional bias in terms of which targets are likely/unlikely). It would be wise to control size and maximum loss today with a focus on taking clean technical setups. I have a clear reproducible setup I use to execute these scenarios, so I take no responsibility for whatever setup you choose to take ;)
Good luck all,
Billy_FX_
If the low set during the opening range is not revisited some time after the open, I expect there to be a higher probability of going long, with further long confirmation as the market climbs. It is unlikely that new highs will be set today (possibly even a late day selloff), but it is possible to set new highs if the market climbs with some hourly momentum. Also it is possible that longs can be faked out into the next scenario below so size accordingly.
If the low set during the opening range is breached some time after the open, I would expect a higher probability of a slow crawl down or an unexpected spike short since all high probability short targets have been achieved. It is also likely in this scenario that the market can pullback within the opening range and chop at least until late in the day.
With both scenarios there is a clear element of unpredictability (where a quality scenario will usually provide a clear directional bias in terms of which targets are likely/unlikely). It would be wise to control size and maximum loss today with a focus on taking clean technical setups. I have a clear reproducible setup I use to execute these scenarios, so I take no responsibility for whatever setup you choose to take ;)
Good luck all,
Billy_FX_
Comment:
NQ broke structure creating a sell zone on 5-minute. Wait for this zone to be taken out and an entry will be provided by 1 pm. Otherwise sit tight on NQ.
Comment:
US30 potentially primed for buys, be prepared for a pullback to 33213-33231. It is advised to keep size low as it is not fully confirmed if bulls actually have control of the market at the moment. Minimum target would be a respect of today's high around 33403 to 33427ish.
Comment:
Zone held on US30 but ultimately failed to break the HOD set on 12/27. Move ultimately is not panning out to expected profit but will stay tuned for today's action.
> no clear long setups on NQ yet over 5 minute however there may be some long potential on US30 with a pullback (this plan is for NQ however)
> it is advisable to wait for bullish confirmation (even if this means higher prices) or a quality setup (above 5 minute for me) to appear before rushing to enter long
> it is possible that this will flip into the short-scenario and a short-side setup w/o bullish confirmation (price reversing the equity open)