Free Samples

Peter’s Premarket Perspective – Friday, November 22, 2019

Peter Reznicek
Peter Reznicek
Co-founder/Head Trader, Peter's Premarket Perspective, Weekly Options advisory Email Peter Reznicek
Share on Facebook Share on Twitter Share on Google+ Share on Linkedin

The Market Profile value areas and ShadowTrader Pivots for /ESZ19 and /NQZ19 Futures are posted free every morning

in the ShadowTrader Swing Trader newsletter.

premarket
WindoTrader 702-800-4628 Speak with Terry about the ShadowTrader discount
  Key Levels for Today
3120.50 VPOC (Prominent)
3115.50 VPOC
3118.50 Poor / Weak High
3109.75 RTH High

 

Small gap higher this morning just a hair outside of yesterday’s range and thus just barely qualifying as a true gap. This is an excellent time to continue the narrative and note that the recent delay in the trade talks has not taken the market definitively lower at all outside of a liquidation break that was bought back up quickly. Value has been overlapping to down on this two day pullback from the all time high. The all time futures high remains as an overnight high.

In yesterday’s private webinar I said I would list the VPOC’s and gaps below us as they will come into play at some point.

Above Current Price
VPOC 1 3115.50
VPOC 2 3120.50
Below Current Price
VPOC 1 (TPO) 3071.50
VPOC 2 3060.75
Top of Gap 3050.25
Bottom of Gap 3044.50
VPOC 3 3029.00
VPOC 4 2996.25
Top of Gap 2975.50
Bottom of Gap 2972.50
VPOC 5 (Prominent) 2967.75
Top of Gap 2961.50
Bottom of Gap 2948.25
VPOC 6 2936.25
VPOC 7 2900.00
VPOC 8 2889.25

Whew! That’s a lot of structure to repair and a long way to fall if it does. Carry it all forward and when real sellers appear you’ll have a smorgasbord of targets to hold your shorts into!

Overnight inventory is net long but not 100% so. Although we put far less import on the shape and pattern of overnight activity I am noting that it appears very balance with a very wide TPO POC right where we are trading currently which is in the 3107 area. I’ll carry that forward into today’s trade and assume that there is chance that this level could be “sticky”.

  Scenarios

  • With a two day pullback from the high on overlapping value with yesterday making a higher low, there is potential to favor the upside in today’s session. I will watch to see if we can get out of yesterday’s range and hold and then target the three Key Levels above us as listed above.
  • Being pulled back towards the volume POC and having difficulty holding outside of range would indicate more of a continued balance scenario and precipitate more responsive trades.
  • The recent resilience in the market has shown that only unexpected news brings in any liquidation at all. As this is not a scenario that you can predict, it makes little sense to worry about it or be gun-shy about trading long. Remember that at its core, this is an odds game and nothing more. If there was absolute certainty, there would be no game.

 

A Bet and a Victor

A Bet and a Victor eBook

Best way to dip your toe into the ocean of Trading Psychology for a tiny price. Follow protagonist Victor and see how many of his trading psychology pitfalls you recognize!

$20 - Get Yours Today
Think or Swim Logo

Don’t Have a TD Ameritrade Account?

Do you put on a blindfold when you drive too? Open an account with TD Ameritrade today and get everything ShadowTrader has to offer including the live SquawkBox and more!

Open An Account

TD Ameritrade, Inc. and Shadow Trader Technologies LLC are separate, unaffiliated companies and are not responsible for each other’s services and products

Related Articles