Last week’s work is paying off today. When you put aside the headlines and focus on interpreting the auction you will find yourself much more able to execute. Traders often struggle with their trading during the summer months for a variety of reasons. In many ways, summer trade is like the off season and such a break is much deserved and needed. However, if you push too hard, forcing trades, you might be frustrated when the thin action plays out.
The Nasdaq has been leading thus far this morning, where price gapped up and chopped a tight range before breaking higher. Although I do not expect a ton a conviction from buyers today, I would still caution shorts with this initiative-type buying occurring. I highlighted the 3907 price level this morning as a key composite LVN to monitor during today’s trade. Watch how the market treats this level today as your intraday pivot. Should we continue sustaining trade above it, then the discovery process is likely to continue higher.
On the day my only action was scaling off a piece of my TNA long.
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Took me a few to figure out these charts, but taking the time has paid off. Appreciate the daily am posts
glad you stuck around, understanding this stuff will keep your mind where in needs to be intraday when everything is moving
cool to see you headlining the blog today; great work as always
thanks rormilt
Raul – yes, it’s great to see you up here at the top of the page. I’m really looking forward to your upcoming market profile webinar in the AHWOA group. Hopefully this month?
should be a good time, this month, yes
current /NQ_F HOD is so poor ducks throw bread at it.
LOL! ‘El Pato’ is just getting warmed up…
Hey, you’re not Dr. Fly. How much is the ransom? A small joke for you Raul.
“Ukraine military spokesman Lysenko says Russia has 45k troops on its border with Ukraine with tanks, missile systems, warplanes, and attack helicopters.” – headline risk still in play here, but for how long? Plus who has a live feed of this posturing? Its all hearsay until then.
Russia will invade Ukraine in September. Russian elite vacations will not be disturbed. Market will go higher for week or so then we must evaluate. IMO
This sort of trading does not indicate large “other timeframe” in play. It seems like the OTF is not interested and waiting. We chopped, broke higher, and are chopping again.