This is exactly why I am waiting for an NQ/ES Daily buy signal before I change my bearish view or look to long side too much. NQ starting to puke again after hours. Every up move they just sell into any new buying liquidity.
I am not sure, but I think the sudden change in direction happened when the consumer confidence numbers came out? It took my by surprise. I should have kept an eye out for it.
I guess it's possible, personally do not trade news. Trade 100% chart. Look at the setup of the market..... people have been selling with serious intention, how many rallies have been sold already that didn't require a news event? Think about it this way we're down 2500+ points on NQ, so for me to think we sold off a relatively small 300-400 point rally, mainly because of consumer confidence numbers... again sure it's possible and maybe you're right on this exact case, but I personally don't see it that way. The larger charts look absolutely horrible.... they are already telling you their intentions, it's not like there is someone sitting out there with their hand on the mouse button ready to slam it down and sell 1000's of NQ contracts, because consumer confidence numbers came in bad. They are way more calculated and forward looking than that.
It does make sense. I am just struggling to work out the exact US/UK/Bulgaria time. Long story. I imagine that because the consumer confidence was higher than expected, the FED is less likely to be friendly tomorrow. So the long intraday rally we saw today quickly changed direction hard.
Hope everyone performed well today... We have some real sweet fib confluence sell zones just above market... ripe for reimplementing new short positions, as i strongly feel we are far from done with new lo`s... currently building out with some sweet Vol to capitalize on... This market is a license to print presidents Intraday & positionally!! Hands hi-- Chin tight-- fight the fight!!!!
Thanks for this. What time frame do you use to calculate your fib confluence levels please? I have always focused on pivots along with s&r, but I want to learn about Fibonacci levels.