NAZ struggled to get lower yesterday, above 11740 look Long and below look Short. Yellow lines are outer KL's with consolidation break out. TLX's 11921 & 11792 are targets and turning points to complete right shoulder of H/S.
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740 rejection, lower 1st.
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Following the red line and back in Box.
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Rising Dollar and higher yield on 10YN is what is moving NAZ lower.
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Look Long at lower target
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11660 Long scalp to 11700
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O/N may be setting up a Drop/Pop back to consolidation zone for retest.
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11636 is leg lower or stop on long. Place stop at 11625
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731 should be retested
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Basing for a bounce
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Tricky but 1st large Candle with arrow is set up for counter move with 2nd Candle, you can see the pattern. Recent drop candle is set up or test for counter, should counter fail the move will go below previous low or high of 1st candle.
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Flow or projections. Large 30M moves are Key Zones. It will take rejection or support to move price away from zone.
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11660 level is setting up a big pop or drop.
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The wick on previous candle would suggest a pop and needs to hold price above.
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11660 held for 1st pop.
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11660 Long Scalp got to 11688 and under target of 11700. Set take profits at 30-50 points on Scalps. NAZ is in MOP and a new wick on current candle is what we want to stay scalping Longs. The short side is equally as profitable, you can see why it really does not matter which way the NAZ moves. A great trader will play both sides and reverse each trade. Points are what matters and not predicting the future. Just not seeing any real strength over last day or so with any lower moves.
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KL 11636 now and most likely next big candle. Need to see long wick on this one. The reverse at 88 would of been perfect, see the flow. So many points are always available, no hurry or rush just let it play out. Once support or resistance is established play the range. Back later.
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NAZ at bottom of 30M channel. Expect the Open to retrace most of drop for a test. The failed retest would be the gigger Short. This has been the pattern O/N lower Open Higher. I really doubt that the normal PA of lower O/N and lower Open happens, that would be normal and that would be crazy.
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Update on this one, NAZ may float up to upper white arrow
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11580 weak float after Open and weak selling pressure, things have been very strange past 3 -4 days. Scalping off/near KL's. Play the range both directions. I do not type as much when scalping, tiny moves lately. Play range of 2 white arrow.
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Notice the yellow arrow on 1st or previous large candle, this is pass/fail zone (also KL from many days ago). You Long from support below would of targeted this. If you block out the noise and whippy stuff, you can program these in and wait. This may stall and retest.
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Stepping away. On stall play top/bottom of 1st 30m candle.
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The question is: Did the red large short set up a Long larger trade or short? Is the current candle an add to larger short (will move big) or just the typical Long follow through from previous red? Next few candles will tell.
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Just not sure what to make of the extremely slowness of the NAZ lately. This will not last so be careful with the blast off that is on the way.
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11660 KL from earlier was Long test fail and is back as retest long or short.
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NAZ will have to break out of the 300 point O/N range, which border is closer? That is where it usually try's 1st. Dead Zone stalls are Short friendly when lower border is closest.
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THE Monster trade will be outside of 11677 - 11528 range. Trade the range and get ready for That Big Move.
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Red line is 50MA, yellow is 100MA. This is why we are stalling out. NAZ near Danger Zone of Air Pocket from O/N Prop Job 5 days ago. Long may be the trade here as we know whet usually happen around the DZ. Big foot is in the House.
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BIGFOOT.
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MONSTA with Short covering to Boot.
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11760 is needed.
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Long above 11677
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Target
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672 bounce or no go.
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Slow PA is hard to get behind, 780 did hold.
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Back to 740, Long above and short below. O/N was most likely a Drop/Pop set up.
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Working
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Above is after and below is before.
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Danger Zone Trade # 4 on the year, let's see if it rune the 400 or so points. Have to leave early.
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NAZ did run back up to test consolidation and is still in O/N range. Not much came out of today expect the drop/test did get bought by Bigfoot, twice. O/N Thursday may prop big to get a head start on Open weakness. Danger Zone was avoided, again.