The last few times we had an Outside Day like yesterday we had the low in the morning and the high later in the day. Two of them were Inside Days and the other had a weak dip below the prior day low before rallying. So, watching for something similar, i.e., a buy if yesterday's LOD holds or just long if the open is bid instantly. One could speculate that if today was to be a sell we'd see it already, but RTH is king, so let's see what happens on the Open. I imagine it can get squeezy if the market goes bid.
US Consumer Sentiment is at 10AM and I've noticed in the past that the market is often stuck until that data gets released. Inflation expectations will be released at the same time.
Think we might have the LOD here. Watching for 5662 to hit. Interesting if that's not sold... Could possibly trigger the V-pattern?
5662 hits. Market's can't be forecasted. The rest is uncertain. If the rip continues I like 5680 for a target. Taking out yesterday's high? Now, THAT would be crazy, but who knows anything. The only thing that seems certain by now is that we have the LOD. Correction: It should say LOD, not HOD. Hope it was obvious.
In chess, don't move until you see your nth move ahead, i.e. don't just capture a piece because it's there. In trading, for me, don't move until you "see" a trade that fits your system and you know, not just the entry point, but the exit point/area if all goes according to plan and the exit point/stop where your thesis is not longer valid. I.e. don't trade just because you're bored or itchy for action, fomo, etc.
NQ has by the balls. So long as I lose small and win big, I guess I'll be ok. Global sim mode engaged and I am done for the week.
NQ's been a drag lately. Just look at ES ripping now while NQ is pulling back. Been the other way around for a long while. I'll be damned if NQ kills today's rally, too.