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I’ll be brief, it looks like the market has failed to sustain trade below Friday’s regular hours session low, so I would expect a re-test of value at 1584.00 and a gap fill. Though that is just an expectation, subject to change as the market action unfolds.
Here is the chart:
The midpoint from 82.75-86.25 is a crucial area for price and value. See you guys later today!
From a day trading perspective it is important to recognize the larger trading ranges. In my opinion, day traders profit from how a market moves, not where it ultimately moves to.
Price action chart:
Volume profile macro composite chart:
In the following chart the low volume nodes will be marked off with GREEN lines and high volume nodes with RED lines.
Looks pretty good so far. If you really want to stack the odds in your favor add weekly pivots and unfilled gaps into your charts. This allows for easy identification of the larger trading ranges and gives context to the smaller ranges and templates I use going into each day. For more information on how I define those smaller templates.. look at my previous header posts.
“Strategy without tactics is the slowest path to victory. Tactics without strategy is the longest path to defeat. Absent strategy and tactics, defeat is assured.” – Sun Tzu
I try to never outsmart the market.. so I won’t start today. Yesterday’s cash session low came in within 1 tick of the large gap window left behind on 5/03/2013. Therefore if the support level fails, I would expect that large gap to fill. Until then.. we have another reference for support.
Here is the chart:
Looks like a news driven flush is dominating pre-market so we’ll have to wait and see what is in store. Good luck out there today.
Yesterday’s trading session did not push above the overnight high, so the same midpoint and resistance zones still stand.
A few important things to mention. The overnight session has made a pretty solid base around the daily pivot point and yesterday’s value area high. The 4pm gap is at 1638.50 and the 4:15pm gap is at 1636.00, while yesterday’s session high was at 1639.00. All this goes to say, that shorting even for the gap fill is contra trend and should be managed accordingly.