Hey guys, gonna mix a little and try to share some index ideas. Not sure if I'm gonna post it everyday, yesterday just didn't have time to post bond ideas haha but I want to share and hear opinions/suggestions from you.
I'm very short biased because we failed 2 times to seek value higher. if overnight balances below 9378 I'm looking for a pullback at cash. Entry, stop and target prices at the scale. Might as well look for signals in the tape if it opens above it.
It could serve as Line in the Sand, do a false breakdown and reverse up. Yeah I know, not much prediction of direction at this price, but what matters most is that it's a region with an edge. once you find the most probably direction, you have a long move waiting for you and a tight stop. That's the advantage of Lines in the sand
If it never gets a test in this area at cash, target price (green dotted line) could be a long entry because ON would be overextended down and it's limit of higher timeframe Value Area. Also little demand zone at lower timeframe.
Another possible pullback test to push back lower is at little value area + support zone @ 9510. entry, stop and target on scale aswell.