Neutral days are some of the most potent market profile prints out there. They suggest jostling for position by the other timeframe. They extend both sides of the initial balance, suggesting the bigger, institutional money is not only active at the start of the day, but also intraday. They are watching the tape and adjusting.
There are a few things working against today’s rally:
- Internals are showing risk flow, yes, but large caps are lagging more than we have seen in several days
- A poor low on the /NQ
- Neutral prints in the /ES and /TF
- Tomorrow is the Thursday before OPEX WEEK
OPEX has a way of sniffing out the piker money and brutally boning it with the proverbial “African Spear”. With that in mind, and a crew of edgy call options all huddled around me, I bought a weekly TZA call, lol.
Fade today, down tomorrow, flush out the turds.
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bot October risk in VJET
Hey Raul, what strike and size on the TZAs?
tight strike so I get some action on the movement, like a future almost at this point, and I put about 0.75% risk into it
Gotcha, thanks.
“Tomorrow is the Thursday before OPEX” – that’s next Thursday by my calculations
My phrasing is incorrect, the Thursday before the Thursday, in my short history, has been a day of shenanigans, enough to warrant two journal entries.
changed, thanks