Debriefing Monday 18th July  and Today’s Journal

Debriefing Monday 18th July and Today’s Journal

July 19, 2022 0 By The Balanced Trader

Links and News

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Need to know market risk @ FinancialJuice.com

  • Oil majors may study pumping gas from Algeria for Europe – Total.
  • EU Commissioner Hahn: Don’t expect Nord stream to restart.
  • Money markets bet on over 100bps of ECB rate hikes by September.
  • ECB policymakers home in on a deal to make new bond purchases conditional on next-gen EU targets, EU fiscal rules – sources.
  • ECB policymakers to discuss rate hike worth 25 basis-points or 50 basis-points at Thursday’s meeting – Sources.

Tuesday’s Data

Real Time Economic Calendar provided by Investing.com UK.
Monday’s Profile review
Mondays PA review

Mondays Debrief 

Sunday reopened 3881 with a solid gap to Friday’s high 6866.75 and settlement that was quickly closed but no attempt was made to auction below. This gave buyers the green light to grind out a solid gap in thin liquidity into the RTH open 3898 having seen a high in the ON session of 3908.  The RTH session would open with a  true gap and GAP RULES apply.

Open out of range but if buyers were looking for a continuation they were quickly left wondering if the Calvary were coming. An initial weak push to take out the ON highs 3909  only made it as high as 3905 and the auction would be left hanging inside a tight IB range (textbook MP trend day).  The IB low was resing above the ON VAL and given the lack of enthusiasm to take out the Monthly highs at 3922 having come so close meant only one thing- trapped buyers.

The break below the IB was deliberate and without response( enough of a PB to give you a very tight and precise entry to the IB Lo).  The groundwork for a long liquidation had been laid from the Sunday opening gap and the resultant slice through the ON and Friday range was persistent and unrelenting. There was no PB until the auction had reached within a point of Friday’s Low (Post retail sales and Michigan Lows 3819.75).

P Profile Distribution-Mid 3863

H: 3905 L: 3820  VPOC 3893 MID 3863 VWAP 3871 SETTLE: 3934

MONITORING: 3879- 3863- Singles/Mid  | 3920-3800  Gap|

ON SESSION  | Double Distribution

ON back-tested higher some of Monday’s liquidation, sellers defending Monday’s singles mid area to reach a high of 3872.75 from an opening low of 3832.

ON H: 3871 ON L: 3832 ON POC 3837

MONITORING: 3879 ON Hi  |3852 Singles /MID | 3920-3800  Gap|

Update and Monday’s Plan

Opening Bell

0830CT

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Notable tweets

Quote Of the Day

“A man cannot be convinced against his own convictions, but he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort.”
― Jesse Livermore,

Trade Well And Prosper.

BT