We are opening in value and in range from Friday. Most opportunities are coming later in the day as OPEN was at 3958.50. This is very close to POC from Friday 3959.50. We are currently in balance.
The larger trend is sideways. For today, we have checked 3970.50 to the upside which was close to the Value area high from Friday (3971.50) and are now testing lower. Price has already passed overnight low to the downside. We did not come close to the overnight high, which is arguing for a continuation lower. The IB is only 23.25 wide which could argue for a trend day, but under the circumstances of a shortened trading week and being in a balance area it is most likely not going to be a trend day. Therefore, I am looking for an entry at the extremes far away from the POC and above the Value area high for a short and below the Value area low for a long.
First trade entry at 9:41 am, the price reached a high at 9:36 and bounced back to the 50%, I left this trade early because there was no action. I shouldn’t have, price continued lower. Watch video with recap, no loss.
Footprint chart and Delta looked good enough.
Video recap:
2nd trade:
Changed to Micros MESZ2
Video of entry
Entry was at what I thought is 50% retracement, I then took of 2 at -.236. Since I left my stop loss at 5, I did not buy back the shorts, I also entered 2 longs by accident which I was able to sell at a small loss. Lesson learned. I also need to pay more attention to the Fib retracement and how well I do that.
Footprint chart did not provide much support of my theory, good that I got out. Delta looked flat, a lot of wicks on the candles too.
Missed trade entry at 11:20 am
50%
Delta was green and then turned red, 11:20 would have been good entry.
Recap of the extremes of the day and where an entry would have been worthwhile:
Range bound, rotating within value. Not much opportunity with the long weekend ahead.
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