Wednesday, October 26, 2016

Bridge the Gap Day......

We had a Zig-Zag day....

1 Year Overview ES
  • (Short) Predominate selling bars on the Volume Chart
  • (Short) Below SMA 20, 80 & 150
  • (Short) Price waaay above SMA 200
  • (Short) DX- dominate
  • (Short) Declining OBV
  • (Long) Riding a Major trend line
  • (Long) At the Bottom of a 1 year HVA edge
  • (Sideways) Strong LVAs at 2025 & 2050
  • (Soon) Price and apex of wedge
  • Summary: Continued intraday day trading

1 Year NQ
  • (Short) - Finishing a buying cycle on the dip (we are at the apex, see prior apex)
  • (Short)  Near All Time Highs
  • (Short) Weak trading volume when in shite space
  • (Long) Riding SMA 20 & 50
  • (Short( SMA 80, 150 & 200 are below
  • (Sideways) Pronounced OVAs at 4755 & 4885
  • (Long) - Major Trend direction
  • Summary: Continue intraday day trading

90 Day Overview
  • (long) NQ OBV is show buying increased buying
  • (consolidation) NQ is trading within HVA boundaries
  • (Consolidation) ES showing SMA coiling
  • (short) ES OBV is showing liquidation.
  • (consolidation) ES ADX is stuck

MP Action
  • ES closed at the Centroid.
  • ES Ventures into the two LVAs above complete
  • ES Price Today has ZigZagged
  • No gaps Outstanding
  • Summary: With zigzag complete, expect move out?

NQ - Price completed closing the gap
Price has conducted a zigzag pattern
Summary: Expect price to remain inside HVA

ES - Triple Distribution today

Volume Action
  • Mixed
  • Lots of large lot selling in ES
  • Lots of large lot buying in NQ

Price Action


Worked on magazine today.   No trading….

0945 NQ Reversal Long
1100 ES London close RTM and oil news)
1310 ES Treasuries close breakout short
1330 ES & NQ RTM (w/ HVA)

Summary: to maintain three day trend, look short or within same area

I believe the operator for the last 3 week is where we are at, went lower, higher and now back.