Hi everyone I hope you had a great trading day today. Had a sharp spike up on both markets during the overnight session. Both the ES and NQ has a
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^Above is the ES 500 tick. The initial uptrend from the OV session got a large break. The first major leg down finished soon after the market open, where it shot up with 2 clear legs higher. (Marked 2 attempts at new high) That is not a good MM to short directly on as there is more reason to think bullish at that point htan bearish as the uptrend still has yet to play out, and price was unable to reach the OVL after forming the OVH.
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Above is the NQ 250 tick, price broke the range from last Thursday, retested it and continued lower in the overnight session. Price formed a downtrend, which then broke and made 2 attempts at a new low, which led to a reversal/fade attempt, which had a strong failure, leading to a full on downtrend day. When price broke the OVL, (after the initial 2 breaks) and really took off lower, this would be a good spot for a F2EL for a short entry. Price was extremely bearish at this point, but it was so bearish it couldn't offer us a couple legs back to get in on the move.
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Above is the 1000 tick chart for the NQ. 3 days ago price was in that large uptrend. Price got a break, then 2 very clear and perfectly measured attempts at a new high. Price failed to make a new high, holding on the MM and continuing lower, making the wider downtrend more clear.
In today's overnight session, price made a sharp spike down, then for the rest of today, made 2 legs to a new low, where it just reached the downMM level a few minutes ago. Price is likely to reverse here, but due to the large multiday downtrend, I'm not buying right on the MM here, and will wait for confirmation, (although I'm done trading for today).
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Hi everybody I hope you've had a great trading day. Today was a very bearish day. Basically just looking for short on the way down. For both markets, price was
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Today my main focus was on the ES on the 500 tick. Below shows my full day zoomed out. Price started off in a sharp downtrend in the OVH, got a break, then pushed to a new low far below the OVL. Price made a major reversal pattern back into the OV session and ultimately formed a wider uptrend, which got a clear 2 legged break and has pushed up to a new high, playing it out.
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