Weekly Bias for Nas100 - 10/1/2023
Weekly Chart: Price took out the PWL and the August low into a W+OB and we did close positively for the week. We did create the low of a W-FVG (not drawn but, it's there) and price closed near the middle of the weekly range, Weekly High 14906.5, Weekly Low 14429.3, Weekly Mid point 14667.9, Weekly close 14741.8.
Weekly idea: Price took out lows into the W+OB but for now there is a W+FVG below that may be the target. If we take out the PDL, this will be my target into the the W+FVG(H) near 14232.7. In order to turn bullish I will need to see a high taken out and I'll want to see what price does inside the W-FVG.
Daily Chart: Price traded into a D-FVG and set the high near the D-FVG (MT) and left a huge wick with a Friday close near the Mid point of the Weekly range. We took out the bearish engulfing made on Tuesday but by Friday we traded back into it.
Daily Idea: Price leaving that large wick will cause for me to look at how price response to the close, middle and high of the candle. Do we fail inside this wick or take out the high? This is the question I'll be looking to answer. If we fail, I'll be looking to take out the PDL and THURS PDL. If we take out the high, price should close the D-FVG and trade into another D-FVG just above (not drawn) with the low near 14974.1.
4H Chart: Price left a 4H-OB inside the daily wick and the low was made inside a 4H+FVG(H) 14661.5. There is a +CHOCH above THURS PDH and the this is my hesitation to go full on bearish on the short term. There is also a 4H+Breaker that Friday could not take out as well.
4H Idea: I want to see if price will take out the 4H-OB or the PDL
Weekly idea: Price took out lows into the W+OB but for now there is a W+FVG below that may be the target. If we take out the PDL, this will be my target into the the W+FVG(H) near 14232.7. In order to turn bullish I will need to see a high taken out and I'll want to see what price does inside the W-FVG.
Daily Chart: Price traded into a D-FVG and set the high near the D-FVG (MT) and left a huge wick with a Friday close near the Mid point of the Weekly range. We took out the bearish engulfing made on Tuesday but by Friday we traded back into it.
Daily Idea: Price leaving that large wick will cause for me to look at how price response to the close, middle and high of the candle. Do we fail inside this wick or take out the high? This is the question I'll be looking to answer. If we fail, I'll be looking to take out the PDL and THURS PDL. If we take out the high, price should close the D-FVG and trade into another D-FVG just above (not drawn) with the low near 14974.1.
4H Chart: Price left a 4H-OB inside the daily wick and the low was made inside a 4H+FVG(H) 14661.5. There is a +CHOCH above THURS PDH and the this is my hesitation to go full on bearish on the short term. There is also a 4H+Breaker that Friday could not take out as well.
4H Idea: I want to see if price will take out the 4H-OB or the PDL
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