MNQ1! Weekly Analysis
Disclaimer:
I trade ICT and use ICT terminology in my analysis.
Nothing in the market is certain; this is my take on the most probable outcome.
This is not financial advice.
Midterm Trend:
The price has been trending up since September 9th.
I am bullish and think the price is likely to continue up.
However, the market had a bearish high resistance close last Friday, which I think will trickle into next week’s opening price action.
High Time Frame Analysis:
Since we closed below the weekly range’s consequent encroachment, the price will likely reach the nearest sell-side liquidity early next week, forming a Tuesday or Wednesday Low Buy Profile.
Discount Price Delivery Arrays:
Wednesday PM session low
Tuesday AM session low
A daily bullish orderblock formed on September 20th; the consequent encroachment of the wick formed that day is within 10 points of the Tuesday AM Session low.
Note: The price respects the New Week Open Gap (no candle bodies above the 1-hour time frame have closed below it). For this reason, I think it is less likely that the price will be delivered to the Tuesday session low and consequent 9/20/24 Daily wick encroachment. However, it is still a possibility that should be considered.
Premium Price Delivery Arrays:
Buy-side liquidity 7/17/24 AM Session High
7/17/24 Sell-side imbalance, buy-side inefficiency. (If the price can close above the 7/17/24 AM Session High, the price will likely shoot to the 7/16/24 AM Session High).
Buy-side liquidity 7/16/24 AM Session High
Note: These premium arrays are most likely to be targeted by the market makers. However, this analysis could take longer to play out.
I trade ICT and use ICT terminology in my analysis.
Nothing in the market is certain; this is my take on the most probable outcome.
This is not financial advice.
Midterm Trend:
The price has been trending up since September 9th.
I am bullish and think the price is likely to continue up.
However, the market had a bearish high resistance close last Friday, which I think will trickle into next week’s opening price action.
High Time Frame Analysis:
Since we closed below the weekly range’s consequent encroachment, the price will likely reach the nearest sell-side liquidity early next week, forming a Tuesday or Wednesday Low Buy Profile.
Discount Price Delivery Arrays:
Wednesday PM session low
Tuesday AM session low
A daily bullish orderblock formed on September 20th; the consequent encroachment of the wick formed that day is within 10 points of the Tuesday AM Session low.
Note: The price respects the New Week Open Gap (no candle bodies above the 1-hour time frame have closed below it). For this reason, I think it is less likely that the price will be delivered to the Tuesday session low and consequent 9/20/24 Daily wick encroachment. However, it is still a possibility that should be considered.
Premium Price Delivery Arrays:
Buy-side liquidity 7/17/24 AM Session High
7/17/24 Sell-side imbalance, buy-side inefficiency. (If the price can close above the 7/17/24 AM Session High, the price will likely shoot to the 7/16/24 AM Session High).
Buy-side liquidity 7/16/24 AM Session High
Note: These premium arrays are most likely to be targeted by the market makers. However, this analysis could take longer to play out.
Penafian
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