<aside> <img src="/icons/reorder_gray.svg" alt="/icons/reorder_gray.svg" width="40px" /> Silver Bullet. Lots of psychology how to avoid painful days. How to map out PD arrays. NWOG Gem. MSS with REL or singular low.
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Premium levels on ES. NWOG, the low of that is also -OB, 2 C.E. wicks and old Daily SIBI.
DXY almost reaching for the Sellside Liquidity.
This was a HRLR day after large overnight move. We are not trying to pick a top, so we will be targeting the intraday volatility with our tape reading. Placing our focus in 10-11am time window looking to find a 5 handle run. We give away the Opening Range, first half hour of trading.
đź’ˇUse fib to find the .025 0.5 and 0.75 level of the Opening Range Gap.
This is definitely hard market conditions this week for tape reading. The markets are when you have to where price is going and just buy and hold or sit on your hands.
ICT would like to see DXY lower so it can allow for ES to hit NWOG High. This doesn’t mean that it can’t just turn around and start to correct from here. It’s Thursday after all.. And we had pretty extended move up since Tuesday. Think about the Weekly Profile.
The YM looks week and its not matching the upside on the ES and NQ. Its not about every single HH and HL. Just look how the price action on YM is making a turn downwards.
✍Day of week characteristics: Thursday. We've been one-sided, algorithmically delivered, it's all been straight up hardly, any pullbacks if at all. Just small little consolidations and going higher. That's a very painful train to stay in front of, if you try to short that. So you have demand a lot more in terms of reversal patterns. Generally, the New York’s session on Thursday tends to create the opposing end of range.
When we are really bullish like this week, why would we want to short? Because there are some EQL? Just because we have EQL doesn’t mean price will revisit them right now!
DXY is just Meandering around its low of the DAy.
Now we have even more SMT divergence because YM completely went the other direction. Exactly when we dug deeper inside the NWOG. So we are looking at the Opening Range Gap High to keep price lower. We are not interesting to chase price higher. And if it does go higher, we miss the move and what… big deal, we don’t care. We have rules to follow. Been wrong doesn’t hurt. Not following the rules does hurt, because undoes all the positive things that you have made.
Look how price is just whipsawing up and down, even though it’s reaching the levels we look for. The low risk, high probability setups are just not visible atm.