Looks like it is "Rig in May and go Away". New range to watch would be the white arrow zone between the two orange TL's. The Channel below is a 2 standard deviation, NAZ should return to 19,750-18,750 at some point to retest. Looking for 21,256 to be next upper target for reaction. Flat NAZ YTD may do what, Run up 10-20%? or drop retest lower? Pick one. O/N group and Washington Street are very much in control here.
Note
Previous Channel Chart with coast to coast Current O/N Rig Gap Pop to Upper Channel. Buy the News and sell Open Drive, then back to Buy the Dead Zone into Overnight. Keep this pattern until one day the Reg Session Open Drive does not U Turn back up. Should be this easy and watch the Tweets when the NAZ stalls or struggles to lift up. Note
Below will show the 1st and 2nd moves that make up much bon the run up from low. The 1st is the 15 minute or so "time to buy" pop from Washington Street Tweet and 2nd is the Overnight China deal move. The gap in the middle would be the retest zone and is in line with lower Orange TL. Sometimes where is not as important as how an index got a level, this one has some stink on it. Trade closed manually
Only real play will be to Scalp Shorts in key trading time zone like the Open or with any stalling. Looking for a drop here to Scalp Short 20,700 target and taking off on hold. 250 point either direction move here. Will keep doing that until one lower move picks ups strength. The reverse Longs are also available, favor the drop retest based off recent off session moves and games. Note
Longtime Follower's, I will not be posting as much when I Scalp. The suggestion would be to use IDS75, parameters below and work well, back test it. Use Range Bar 75 with:
_CM_Ult_MA_MTF_V4 (, 500, close, 0, EMA, 0.4, , 200, close, 0, EMA, 1.3, 2, 1, 1, 50)
VWMA (75, close, 0)
_CM_Ult_MA_MTF_V4 (, 200, close, 0, EMA, 0.4, , 200, close, 0, EMA, 1.3, 2, 1, 1, 50)
Looks like this and scalp too and from MA's
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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.