Forced to sit here and watch the market drip outside of its range on a Friday. What torture.
The good news is that you’ll have THREE whole days to think this through rather than just two.
In a perfect world, I’d love to see a trade back up to 1930 here by the close, but at the moment this can be viewed as acceptance outside of balance. If we do do trade up to or above 1930, this can also be looked upon as the break a range to rip a range set-up. However, this leaves you, the reader gathering info from me that the market could either go up or down from here. I try to avoid those types of posts.
As Raul mentioned, this is the 9th neutral day in a row for the NASDAQ.
“initial balance = range of first hour of trade. neutral day is when you breach both high and low of initial balance. In /nq_F (nasdaq futures) were have done this 9 days in a row. range extension is how we gauge higher time frame participation. If we take out both high and low, we are neutral on the directional conviction of the higher time frame. Neutral extremes carry directional conviction but lately they get faded the next day.”
Next week the market will pick a side. Hopefully one you can play at competitive prices.