Inventory:
#NQ_F Close on Thurs 13,591. Mins ahead of opening 13,708/38 was the range. Inventory was net long, which implies, if there's no interest above, then a move lower to correct the inventory is likely with potential target 50% retracement of cash/Thurs close.
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#NQ_F Close on Thurs 13,591. Mins ahead of opening 13,708/38 was the range. Inventory was net long, which implies, if there's no interest above, then a move lower to correct the inventory is likely with potential target 50% retracement of cash/Thurs close.
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One Time Framing Lower:
2) In the attached chart, you'll notice how #NQF was OTF Lower and confirmed with Period A and B forming lower highs.
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2) In the attached chart, you'll notice how #NQF was OTF Lower and confirmed with Period A and B forming lower highs.
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Observe, we did have a good risk/reward opportunity to enter shorts near Period C high, which would have resulted in max risk of 20 Pts (S/L slightly above Period B high). Another opportunity was at Period D high, which would have resulted in max risk of 10 Pts
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Initial Balance:
13,505/18 also happens to be the Initial Balance Low (13,509 - 13,723)
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13,505/18 also happens to be the Initial Balance Low (13,509 - 13,723)
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What's the initial balance rule? A failure to get back above, follow the trend. How do we follow the trend? LIS Framework.
IB Low a failure to recapture IB low was a good guide as well - chart attached
A 200 point sell followed.
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IB Low a failure to recapture IB low was a good guide as well - chart attached
A 200 point sell followed.
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