
Debriefing Thursday 23nd June and Todays Journal

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Need to know market risk @ FinancialJuice.com
- IFO Economist: Despite increased uncertainty, there are no signs of a recession at the moment.
- Traders wager onOvernight Session More less than 150 basis points of ECB rate hikes by the year-end.
- Japan’s Dep. Chief Cabinet Sec. Kihara: We must exercise caution in light of the economic risk of rising prices.
- S. Korea’s Vice Finance Minister Bang: The tax onOvernight Session More oil products in South Korea will be reduced beginning July 1st.
- UK GfK Consumer Confidence Actual -41 (Forecast -40, Previous -40)
- German IFO Expectations Actual 85.8 (Forecast 87.4, Previous 86.9)
Friday’s Data
Thursday’s Price Action Review
Thursday’s auction opened at 3783.75 with a gap More to the prior settle 3760.75 following a very whippy ONOvernight Session More session that finally led to shorts covering higher. ONOvernight Session More action had initially seen us drive lower into Wednesday singles but buyers defended this area well. The information to take forward from the ONOvernight Session More action would be that buyers did a half-decent job of defending Wed’s singles.
Open Auction Inside RangeTrading inside the previous session's range and tend to show... More (OAIROpen auction in-range opens are inside the previous session... More) A test of the prior day VA High 3791 was quickly rejected and then choppy auction down toward the previous settle 3760 but failing to make the distance, buyers stepping in to form the IBLoThe lowest value that is printed from the opening 1 hour of ... More at 3765 (the prior days VA Low). The auction then proceeded higher in a typical random until the IBInitial balance in the futures is traditionally the first ho... More was breached only for the auction to fail and then test the other side of the balance. (Watch out for this failed auctionAuctions out of the Initial Balance but is unable to hold on... More setup, it’s a trade all by itself especially when trading balance).
The reaction to the failure would be a test to the other side of balance which stood at the opening IB lowThe lowest value that is printed from the opening 1 hour of ... More and yesterday settle at 3760. Once these levels were breached a further test to….. surprise surprise prior days singles 3745. Top Clue – Buyers had defended singles overnight and they did it again coming in higher/ more competitive demand!
I mentioned yesterday we were unlikely to see extended moves given the pace of the auction and lack of relative volume. the best trades were outside in and this was an excellent setup!
Now Buyers had defended these lows the auction moved up through the range unabated briefly holding at the POCThe POC or Point-of-control is the price where the most amou... More before going onOvernight Session More to test the PRIOR MONTH LOWS 3808,(MASSIVE REFERENCE).
The high into the close was set at 3805.75 just 1/4 of a tuck above the prior day’s high settling at 3799.5.
Neutral Extreme DayA Neutral Extreme Day is identical to a Neutral Day, with th... More, Consolidation Higher Day, In-balance,
H: 3805.75 L: 3745.75 VPOC 3780 VWAP 3777.25 SETTLE: 3799.5
MONITORING 3800 (settle), 3805/3808 (High and Pmonth Low) & 3745(yLOPrevious days lowest print. More), 3775(Volume ledge)
Tweet Highlights
ON Update and Friday’s Plan
Post-RTH close, ONOvernight Session More sellers, found stubborn demand ( Double bottom) just above yVPOCYesterday's POC or Point-of-control is the price where the m... More to form a non-excess low 3781 (to be monitored). This seemed like an attempt by ONOvernight Session More participants to follow the previous two session patterns of large liquidation immediately after the RTHRegular trading hours. The official opening and closing time... More close. Well, that’s what I read into it.
A squeeze followed trading straight through yesterday’s high and onOvernight Session More to test the spike from the auction 15/5-important area (spike base 3829) that is also the outer edge of the larger composite
In addition to monitoring the previous day's Market prof... More profile. The high from that auction 3843 and spike base is to temporarily act as an area of resistance. Sellers will want o to defend last week’s high and buyers will want to end the OTFDOne time frame down. More onOvernight Session More the weekly to move onOvernight Session More and repair the poor structure left behind from successive gaps More into last week’s OPEXOptions typically have monthly expirations, but CME has rece... More. Look at the weekly research for higher time frame levels.

Opening Bell
0830 CT Buyers came through onOvernight Session More the open. Wasn’t quite an impulse but looked like shorts were waiting for the open pullback and they didn’t get it. Once one stopped through the high they all did setting off a cascade of stops higher
OTFDOne time frame down. More onOvernight Session More weekly is now over. The gap More back into last month’s range looks like acceptance. keep an eye onOvernight Session More that reference into the session though in case we get a PB. 3873 Now the obvious target higher. NO SHORTS!

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Quote Of the Day
A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from his mistakes. These people typically have a working business plan for trading because they treat trading as a business.Van K. Tharp
Trade Well And Prosper.
BT
