NQZ2017 - Potential Top in Place?
Updated
Good day fellow traders. I have been focused only on the Mini Nasdaq approaching one year.
It's been an interesting week with each days price action covering the bottom to the top of the range each day, market auction theory in action with volatility through the roof.
So I asked myself at the end of day session, do you really want to be buying here? Each day has been exceptionally bullish however the range is diminishing, plus some signs of exhaustion on the 15M and 60M charts. I don't care to pick tops however I have seen some topping action over the years and bells plus whistles are going off with this weeks price action. I will be trading with caution until the next FOMC meeting.
The next two days should show us if September follows tradition and we have a full turn in sediment on this instrument.
PP-Guy
It's been an interesting week with each days price action covering the bottom to the top of the range each day, market auction theory in action with volatility through the roof.
So I asked myself at the end of day session, do you really want to be buying here? Each day has been exceptionally bullish however the range is diminishing, plus some signs of exhaustion on the 15M and 60M charts. I don't care to pick tops however I have seen some topping action over the years and bells plus whistles are going off with this weeks price action. I will be trading with caution until the next FOMC meeting.
The next two days should show us if September follows tradition and we have a full turn in sediment on this instrument.
PP-Guy
Note
It appears that the 9:20am candle that rotated around todays pivot point at 6002.25 was the exhaustion candle. The climb from 5973.75 (S2) through 5992.50 (S1) to the todays pivot point was classic and IMHO a overall larger bull trap. Let's see where we end up tomorrow to conclude the week.
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