It was an interesting FOMC Day, the FED was somewhat reserved in its forward guidance.
The NQ made an early overthrow of the 15min DT Channel and chopped around until the
Lunchtime EST.
Price managed to move higher into the close, a first in a number of trading days where the
final hour saw increased Selling, often 100 Ticks or more of downside.
Today was a refreshing change for us, as we've been sitting in CASH with no longer-term
positions. Taking small bites on very reduced size and manually scalping the 30Min Candles
with shortcut Market Orders.
Price has a GAP above for the NQ at the intersect, the timeline for the next move down
keeps appearing on a number of charts as of October 21st, next Thursday. Worth reviewing
the EPS Calendar for this day.
The draw within the Chart is off the Ledge @ 15399 to the recent lows, the downtrend Lows
were 143667. We managed to hold the 14587 Level and begin a CR Higher up and over the
DT Channel - ie. the Lows held, so a break-up was to be expected Short Term.
We will see IF it is another False Retracement or this correction builds in Complexity.
The Ranges are quite large and they are attempting to set a higher low to the bottom of the
Range.
Within the Daily Uptrend Channel, we moved to the Lows.
We'll be looking for scalp entries the balance of the week into Next as the 21st approaches.
Lower lows will follow this retracement, we'll see how far it pushes.
The NQ made an early overthrow of the 15min DT Channel and chopped around until the
Lunchtime EST.
Price managed to move higher into the close, a first in a number of trading days where the
final hour saw increased Selling, often 100 Ticks or more of downside.
Today was a refreshing change for us, as we've been sitting in CASH with no longer-term
positions. Taking small bites on very reduced size and manually scalping the 30Min Candles
with shortcut Market Orders.
Price has a GAP above for the NQ at the intersect, the timeline for the next move down
keeps appearing on a number of charts as of October 21st, next Thursday. Worth reviewing
the EPS Calendar for this day.
The draw within the Chart is off the Ledge @ 15399 to the recent lows, the downtrend Lows
were 143667. We managed to hold the 14587 Level and begin a CR Higher up and over the
DT Channel - ie. the Lows held, so a break-up was to be expected Short Term.
We will see IF it is another False Retracement or this correction builds in Complexity.
The Ranges are quite large and they are attempting to set a higher low to the bottom of the
Range.
Within the Daily Uptrend Channel, we moved to the Lows.
We'll be looking for scalp entries the balance of the week into Next as the 21st approaches.
Lower lows will follow this retracement, we'll see how far it pushes.