Tuesday, December 27, 2016

2016 December 27, Morning NQ Review

Multiday Context - MP (daily) shows diminishing activity. Confounding this is the traditional preholiday drop off in activity. Technical wise - Auction in this range would appear to be completed and this morning, broke into a new trading area.

THREE NQ Trades (2-1)
#1-2) I wasn't running my robot but spotted valid robot entry triggers and made a laggard manual market order entry for small yield.

#3-4) Although price did not stop at any "defined" resistance levels that were visible, the price action put in a FTIF pattern off SMA 20 (orange) to go short. This trade lost.

#5-6) Price action bounced off SMA 50 resistance (white) for a second time. Normally, I'd let this pass but the rapid morning run up in price left a considerable vertical span - Price was out of balance and a return to balance was needed. My ultimate target was the open (R1) however I flattened after price bounced off R3)