NAZ playing Fib Pinball. Looks like technical levels are being targeted for now. Should the Lower level (Red Line) not hold, we may see new lows. 10YN is way up (yields down) and 0ther 3 look worse than NAZ. Key Levels are the (horizontal) Red Lines and White is the Mid Level. For now, Long above White and stay Short below. All 4 Update:
Comment:
NAZ at 16200, Before we drop, may see quick drop to 16155 for Pop/Test back up. Failure is what we are looking for off bounce.
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16125 has been tested and Held 3 Hits, a 4th may not hold, keep in mind.
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At 16200, NAZ went to 16180 for 70 point bounce/test. Looked mechanical and 16258 is a Fib level. Expect PB and pop or PB no Pop. The result will most likley be the direction for day.
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Again, look Short under White Line and Long Above. Whippy day here. Strong Short under 16220.
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Failure at White Line is what was expected and Short is in tacked for now. Use targets: Long to white line , now short from White line with close stop.
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16326 Mop Up Area from the other day will now be defended by Shorts. Targeting the Longs at 16140, tennis match back and forth.
Trade closed manually:
Low of 16120 takes 4th Hit and Holds, for now. Enjoy the Tennis Match today. May retest the low a few times prior to next move up. Or may not hold below and reach new lows.
Comment:
Long above 16080
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Long target 16180
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16080 Long add to target 15140 test then close.
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Strong Long above 16100.
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Rejection at Strong Long, retrace to 80-60 and reload for pass of 16100.
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Pas 16100, Target 16140, then 16240.
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NAZ should Pop here and final Long attempt.
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All 4 Holding at Lows, Look Long next move. Use Stop just in case.
Comment:
Nice 2 Way Trading day, we will be seeing more of these. On these days, use targets and you can play one or two directions. Today, the Long to White Line (failure) was what I was expecting. If you missed the the Long, you could of taken the Short for the balance. The NAZ did close at Low. The Counter Trade Longs posted are extra counter trend trades. The net paints gains either way, should be similar. The easier trade was the Short near 16258 to high failure (Pop, Drop/No Pop).
Trade closed: target reached