At the beginning of the week (meaning Sunday and yesterday), I held a slight bullish bias with return lower by the end of the week. I am always happy to switch my bias based on what the market gives, because you cannot make money with ideas that are not working. Using a changed bias in the morning of the trading day, I was able to take the NQ and the ES for a positive day. It looked like this:
SYMBOL FIRST TRADE LAST TRADE TRADE POSITION TOTAL COMMISSION TOTAL VOLUME TOTAL EXECUTIONS P & L NQZ23 2023-01-30 09:16:40 AM 2023-01-30 09:18:05 AM short $15.00 20 2 $159.40 ESZ23 2023-01-30 09:16:39 AM 2023-01-30 09:21:08 AM short $45.00 60 4 $1,003.20 NQZ23 2023-01-30 09:26:03 AM 2023-01-30 09:28:22 AM short $15.00 20 2 $3,509.40 ESZ23 2023-01-30 09:30:30 AM 2023-01-30 09:30:45 AM short $15.00 20 2 $1,959.40
My bias is strongly lower (I was never super bullish on the charts, I just thought it would go a bit higher before it goes lower, and it still might).
Now, I firmly believe that market will go lower. At end of day yesterday (1/30/23) on the NQ, I targeted the new support line. It hit it in the overnight session. However, I think it is going to go lower. I am targeting the green zones. I am looking for entry signals on smaller time frames for shorts (which goes to my trading methodology and execution, and not this analysis), especially when price is in the target zone.
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Also, the FED announces at 1:00 p.m. I am going to be flat until the volatility equalizes, though it should be fun to watch.