Today will Be a “Fade the Highs” Kind of Day …

I always try to get a sense of what type of day it is possibly going to be well before the start to the start of the regular cash trading session.  Today it looks like the NASDQ will be the kind of market where it will be ok to try and fade any push to new highs after the opening.

NASDQ Futures Contract (NQ) – 7 & 12 Vision Renko Charts

The bigger time frame charts are in a nice bullish trending position … we have now recorded a negative divergence signal on the 12 Renko chart, and we have pushed above the 1.0x Standard Deviation level on price momentum for the 7 Renko chart.  To me that 6617.50 level is likely going to be the high for today and probably for the rest of the week.  To me that means it will make more sense to try and look for short entries intra-day today and possibly tomorrow.  Longs will probably only work on larger oversold intra-day signals …

NASDQ Futures Contract (NQ) – 2 Vision Renko Chart

The 2 Renko chart painted some dark blue candles with pink divergence dots … this is another good sign that the pre-cash session highs are likely the high for today.

Cheers … Leaf_West

 

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