So, today in the Nasdaq Market we had what is known as a Z – Day. Notice how price is respecting that purple area and look at the question that I had asked in the image yesterday. The answer the market gave us was “Yes” it did support price and gave a bounce at the 930am opening.
This morning you will see in the Intra-Day Breakdown what it was I was anticipating and then you saw what actually occurred. I was also able to share with ya’ll how I engage that type of price action.
This was done today to give an example of how I would like the intra-day trade rooms to function. The only added difference would be me providing everybody the coordinates for their execution and then we ride that wave together.
In any event we see that the morning bullish action was quickly reversed and then price became stagnant most of the afternoon. I was able to engage price in the final hour which is one of my favorites times of day to execute and we were able to pull something even WITHOUT reaching our targets!
Definitely a Lesson to be noted.
Now into the meat and potatoes… WTF is going to happen next in this Nasdaq market. Well yesterday I made mention that I want to see price lay a candle through that area in purple. It did NOT do that. So at this moment right now which is 6pm Thursday I am expecting to see price move bullishly intro tomorrows open and from there I am expecting a sell off into short term liquidity that I have laid out in the chart today.
It was this area that actually gave my confidence that market would be weak this afternoon. I just needed to wait for the market to “tip its hat”. I believe tomorrow we will be visiting that area.
NOW, if price is weak and we fall to that area during Asia or London’s Trading session. Then we will switch gears…
