We took out the bad highs and single prints we identified, then overshot a bit on a news squeeze during illiquid Sunday hours.
If you mark the Feb 3 lows, which is the low before the entire Feb range, we reclaimed, but did failed auction and then gave a perfect bearish retest before selling off again.
At the time of writing we backfilled the entire imbalance, but from previous examples this kind of momentum rarely holds with that much targets below us.
I can see a small bounce, usually we get 236 or a bit higher during these waterfall sell-offs, so looking for weakness around there is a great continuation short if you can find a local setup and invalidation.
Reclaim Feb 3 lows would probably cause us the squeeze a bit higher, but we'll deal with that if we get it.
Expecting our imbalance below to get tagged in the near future if we lose 85k. From there it's 'pray that the lows hold' because it's not looking good.
One more thing: we have a huge CME gap that is almost backfilled now. The level on a perp chart would be around 84.1, which would be a level to watch for potential bounces.
If you mark the Feb 3 lows, which is the low before the entire Feb range, we reclaimed, but did failed auction and then gave a perfect bearish retest before selling off again.
At the time of writing we backfilled the entire imbalance, but from previous examples this kind of momentum rarely holds with that much targets below us.
I can see a small bounce, usually we get 236 or a bit higher during these waterfall sell-offs, so looking for weakness around there is a great continuation short if you can find a local setup and invalidation.
Reclaim Feb 3 lows would probably cause us the squeeze a bit higher, but we'll deal with that if we get it.
Expecting our imbalance below to get tagged in the near future if we lose 85k. From there it's 'pray that the lows hold' because it's not looking good.
One more thing: we have a huge CME gap that is almost backfilled now. The level on a perp chart would be around 84.1, which would be a level to watch for potential bounces.
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Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
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.