CBOT_MINI:YM1! Looks to be the pair that's frontrunning the sellside narrative as it is the 1st of the three to reverse and reject all-time highs @ 38,992, closing the week as a bearish doji candle whilst CME_MINI:ES1! and CME_MINI:NQ1! close out bullish.
Would many of us retail traders expect a sudden shift like that, similar to CBOT_MINI:YM1!?
With a bullish TVC:DXY, more pressure could be placed on CBOT_MINI:YM1! to the downside to attack a DEEP liquidity pool @ 38,212 placed ever so perfectly on the 1-hour timeframe, highlighted in blue. This assumes the 1-hour wednesday bullish fair value gap rejects and gets treated like a inverted FVG.
38,645 will be my first point of call if my bias is to stick like glue. Friday 9th Feb 2024 - 8:00AM bullish shooting star located on the 1-hour timeframe is a MAKE OR BREAK CANDLE. As long as price action trades below 38,840, there's a strong chance we could be in for a sell-off next week.
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With anticipated volitivity today, it could the the time the strongest out of the three start to faulter. With intra-day buyside being taken @ 38,979 and a rough 50% retracement from the highs, this would probably be the last pair to fall
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Yesterday, we booked a -1.42% decline, wiping many daily short term lows in the process but failing to reach the daily liquidity void from the close of Wednesday 24th Jan 24 to the open of Thursday 25th Jan 24 nor the daily bullish order block @ 37920. With volatility expected this week, achieving the weekly bearish target of 37,920 is becoming a strong contender.