NQM2023 Chart for 5/3-5/4 S/D Levels
FOMC was killer. Our targets were hit on BOTH bulls and bears. Woohoo!
This overnight session I was able to secure the breakouts of the longs, but I am seeing hesitation as of time of posting due to 5M supply and we are at pivot P.
My idea is we linger through this zone for an attempt at the larger 1HR down trend around 13210. If we break out of the trend, I want to plan for a long through 13242 for a hit on R1 target or we reject off this zone completely. If we have strong enough moves we can attempt to break through R1 and go for the strong 15m supply found at 13284 area.
For the bearish side (as the FOMC news was expected but bank system failures is not a celebration), I would like a pull into 13026-13015 (S1).
Keeping open minded going into tomorrow, but having plans in place depending on market condition and price action.
This overnight session I was able to secure the breakouts of the longs, but I am seeing hesitation as of time of posting due to 5M supply and we are at pivot P.
My idea is we linger through this zone for an attempt at the larger 1HR down trend around 13210. If we break out of the trend, I want to plan for a long through 13242 for a hit on R1 target or we reject off this zone completely. If we have strong enough moves we can attempt to break through R1 and go for the strong 15m supply found at 13284 area.
For the bearish side (as the FOMC news was expected but bank system failures is not a celebration), I would like a pull into 13026-13015 (S1).
Keeping open minded going into tomorrow, but having plans in place depending on market condition and price action.
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