I was looking at a spec. size position anyway, if this is a nice "W" base we won't need spec. size positions.
In any case, here are the charts I'm looking at and why I think it's likely we have time, plus I still have to see leading indicators and update to see internals.
This is the NASDAQ 100 futures, NQ on a 1 min chart. As I said/suspected in the 2nd to last post, "price will likely bounce off the lower VWAP Standard Deviation and head toward VWAP for the close which is pretty common, as you can see there wasn't much, really any positive divegrence at the 1 min NQ bounce off the lower channel, so the fact the order didn't get filled is not a big deal.
As mentioned earlier, I do like this 5 min chart, but it certainly could be more impressive as far as a leading divegrence.
The 15 min chart looks good, however what is still important is the cohesiveness of two individual base/accumulation areas which aren't good for much on their own, but as 1 larger base , are worth trading. So I looked at the 30 min NQ chart...
And here we see the initial positive divegrence, like I said in the second to last post, the second base is almost always much stronger than the first, so we are not there yet, but I suspect we are in the area that this could happen in a matter of several hours, although I've learned over the years that it's best to take whatever "seems" reasonable and double or triple that estimate.
If we get a strong leading positive divegrence at this second base area, then I'd say we have 1 singular base worth trading and not on spec. positions.
As for the QQQ, the 1 min chart put in a positive divegrence, that is what should happen at the lower SD of VWAP, but it didn't migrate to the next timeframe at 2 mins and I'd expect that we'd migrate out to at least the 5 min chart.
2 min QQQ with no migration of the 1 min chart's divegrence.
I'll let you know what I see in leading indicators as well as other indications and the carry trades.
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