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
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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


PRIOR DAY TRADE REVIEW:

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.