NF had printed outside week yesterday and sustaining above 14660 was considered bullish and failing to sustain above 14660 was considered to fill weekly range.NF had a clean gap up and gone for higher value all day..Above 14750 probe was for 14790 and this hasnt happened. NF was in low volume tight range all session and later gone for large liquidation move. Below 14660 probe was for 14610 then 14550 and NF gone for this entire move and cleared PDL too..It was poor value area yeterday with weak lows inbetween with anomalies and NF repaired everything in the move down and closed below dVAL.
Pointers from the day :
NF has printed outside day clearing PDH and then PDL..We are already in outside week now..Clear case for large balance for few sessions in 14300-14750 range.
NF had a 5IB down day with large spike of 190 points which could call for all day balance in next session filling spike zone..
Staying below 14750 now swing wise probe is for 14420-14375/14275 in coming sessions..View negates above 14750.
Price wise for next session, weak below 14610 for 14570-14550 if sustains then 14510/14480/14450-14420 probe possible.
Above 14700 could move to 14730-14760/14790/14830.
Failing to sustain below 14580 and back above 14620 could get 14650/14680.
Expecting two way move tomorrow due to the spike imbalance today..Stay nimble with size and look for mean reversion trades than momentum trades as lot of inventory adjustment with wild move could take place.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.
Notes :
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