Hi all, welcome back to a new morning :) Without going into the nitty-gritty, NQ is holding a major zone right now (simplified to the most recent area) and the market has extended almost 300 points within a day. I am expecting two scenarios at the opening area which will define how I act for the remainder of the day:
Of course, this is not financial advice and I have my own data used to validate this opening plan; please always perform your own research and judgement! Good luck and I hope all of you have a great day!
- Scenario 1: Mean reversion long - Bulls are able to hold the major zone and end with a maximum target around 13300. Expect possible shorts around 13300 if shorts begin to hold major zones.
- Scenario 2: Breakout short - Bulls cannot hold the major zone and the market breaks the low of the zone with a close. If bears can hold this zone on a retest, expect short scalps with the first minimum target around 13025. Risk of reversal long back above the major zone should be taken into account.
Of course, this is not financial advice and I have my own data used to validate this opening plan; please always perform your own research and judgement! Good luck and I hope all of you have a great day!
Comment:
I decided to hop on the wave up around 13140 after multiple breakouts + holds of major areas (confirmed with vol). Seems like the move predicted in the idea originated from premarket and the market was more interested in adding to this move.
Comment:
Closed out around 13200, had a decent day. On review, I realized that I forgot that the previous day's high was unlikely to be reached today (above 13300). If you are still in position long, I would evaluate if your position will hold against price action tonight into tomorrow morning. This is not financial advice. Good night guys!