Despite Friday, the markets had a positive week. Think next move is higher as test, prior to next drop. My Thursday Post was 1 day late and for Friday. Looking at Monday, going with pop/drop. The MOP (channel prior to 100 point move) have been reliable, the circles are potential MOP's and the oval was the previous MOP that developed the drop. That is what I was suggesting in the Thursday Post, just did not have the conviction as to the MOP indication new. I many times will go counter trend against the 1 way snail NAZ (I need to work on that). I just do not fear this index. Below, failure at 908 may target 706. Regarding Rigger's (add my digs at that reference), I am connecting it to Option Houses and institutions that use. If any of you are familiar and know of some good (non retail trader) books, let me know.
Note
DB at Lower TLX, above lower target. Above thick white TL is key.Note
11044 is Friday low and bounce off to top MOP is likely. NAZ did fill the GAP and may retest.Note
Stepping away, you can see why I think trading the MOP is more lucrative than waiting for the runners. Channel trading is highly probable/reliable. I tend to use 3-5 times normal contract size when playing. Here at top MOP (80), NAZ may whip up/down 10-15 below 80, then drop back to 35 for a test and bounce back to 80.Note
Break 80, target 11136.Note
Got to 30, 40 next after PB.Note
Out of MOP should be 100 plus, may reset 80 during Open.Note
36 hit.Note
Long above 11020. Back to top MOP.Note
11000 target. Should low hold.Note
NAZ should test bottom of 1st 30M.Note
Long above 10960 to 11000Note
Pass 11000, should see 11060. Relatively tight range from Friday and O/N low. 20 points off O/N low.Note
Push Pull should end passed 11000Note
Push Pull over.Note
11000 hitNote
Drop/Pop, should rotate some and lift. Stepping away.Note
Long at 10910, will target 960. Counter moves are basically similar to Trend moves. More of a snap and can catch momentum and run after a long drop.Note
If you are playing counters, use targets and stops. Watch the Ticks.Note
Divergence on Long Side showing up on IDS 27. Should Snap Here.Note
Ba Bingo!Note
May see Pop Gaps to upside. NAZ needs to get higher in order to get lower. sounds strange but is what it is.Note
NAZ PA will get confusing here, think upside down or reverse. Will try for a rally some.Note
Target 60 Hit. This should be 1 way Runner. Trail it as many will hop on late.Note
This is some beyond basic trading and a good example for you to remember, BLOCK the noise.Note
Big Gaps should continue as the Shorts cover and BTD's step in. Could be a Pop test so trail it.Note
NAZ can't get passed mid of original MOP.Trade closed manually
Will do in O/NNote
Hopefully you took profit neat 44.Note
Playing counter moves produced more points than NAZ decline. Soon the selling will give way.Disclaimer
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.