Not sure how the NAZ bounced off Overnight lows, Prop Magic continues. Game play usually is: Prop Overnight and Sell Off after Open, Strange PA during Dead Zone (usually a Pop) and sell into close. Yesterday was a 2-3 way day and the odds of that happening again are slim. Today should be 1 way, just need to pick the direction and walk away. I am tilted to the sell side. White circles are extreme Key Levels. Upper would be a Strong Short and Lower Strong Buy. Not seeing these be in play today, over next 2 days. Month end today, could see heavy volume during Dead Zone and Close.
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TLX 13142 will most likely to be hit today, either way (Long or Short). Long, Drop/Pop and Short Pop/Drop.
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The chart below is IDS 20 Range Bar, when the price action looks like an EKG report it is usually a sign of selling on the way. This may change as the day unfolds. I have seen days when it just continues all day. Sell on white peaks and buy on Red valley's (if you are scalping).
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For those that have followed me for some time, the Overnight price action continues to be the opposite of how PA has worked in previous Bear Markets. YTD we have not seen too many down Overnight sessions. COVID in 2020, we had many limit down Overnight (after a big decline day), we have had zero during the past 4 months. My point is that the Normal PA is most likely on its way and the stable/propping will most likely break down. We will most likely test recent lows and should we break through, this may get it too hard to prop in Overnight. Yesterday's run was odd and a Long Trap, we need to see the Open session's PA be solid to the upside before we buy and hold any rallies.
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Since 3AM CT the 30M candles, lower lows/lower highs. This is all you need to keep watching. Sell at top of candle, if you can.
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Scalp Chart, use the IDS 10RB and 30M side by side. The Stoch on the RB will help with next move. The 30M will be used for HH/LL and LL/HH
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NAZ in Mid level of Overnight Range, not good as there is no conviction either way.
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Still in Short 13365 and under or near waiting on Stall and will add Short or close and reload. Not Buying today into Weekend, ZERO strength NAZ will most likely Drop by EOD.
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News about Russia and Moldova, great opportunity to push the markets down.
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Zero is back, NAZ really has gone nowhere. This could go either way, watch out for dead zone fake moves. Stepping away.
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NAZ just broke up through bottom of 1st 30M 13225, this is Key level and if it falls back under it may head south. This is usually a Trick prior too Short. You need to see the NAZ go up and retest. The idea is if the NAZ stays above 13225, it will test upper Top of 1st 30M Candle.
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NAZ may need to drop to 13140 20 for bounce to get past bottom 1st 30M, watch that. The fact that the NAZ is not declining fast may be a Bullish sign.
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Mentioned 13140 in open statement, may see Pop from here at retest. If not heading South.
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Every lift gets sold, quickly.
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12960 next, No Magic Dust today or Overnight Fake PA.
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Hit 12960, 12800 now
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Closing Short from Yesterday.
Trade closed: target reached:
Both targets got Hit today, Pop and Drop, Long Trap Head Fake. Should of kept the Short to the low. I just thought that some final 15 minute propping would show up, it did not and that is concerning. Goes back to my statement earlier, they can't control the heavy volume that has conviction. Expect Propping in Overnight over the weekend, they may try and get back 50% or so of this decline, unless we see a Real Limit Down type session.
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This may help with how to read the direction. The left is Range Bar and right is Candle. The RB is an inside view of candle, the candle is used for entry (top of candle when Shorting). The Yellow arrows will help with failed moves and Stop Placement. The circle is the Fake/Failed move at bottom of 1st 30M. NAZ is a 1 way index, just go with it (usually that is all it takes). Algo's and todays products all move in the same direct at the same time, most indexes move the same.
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Low target is yellow line, NAZ out of the Box.