Today being my first time rollover day I preferred not to trade.
What do we know?
- we had a nice break above IBH with a close at the high; this late day rally happening in a rollover day makes me think twice about it's health, but we'll see tomorrow (see "previous day close" from the post "market profile concepts" for possible scenarios)
- VAH=1141.25; VAL=1136.50; POC=1139.00
- LOD=1134.00 possible S
- HOD=1146.25 possible initial R
Econ news:
- 8:30 core retail sales expected lower
- 8:30 retail sales expected lower
- 9:55 prelim UoM cons sent expected higher
- 10:00 business inventories expected higher
I don't know a few things about days after rollover, like I don't know how the previous month levels are adjusted to the new traded contract: S/R levels, significant single prints, NPOC, volume nodes. I don't know how and if I have to take them in account in my daily trading plan.
My trading plan for tomorrow is not to have any bias, just let the IB to form, watch price action, see how price will react at known levels and trade with extra caution according with what the market will do. My scenarios for the first part of the day are based on close/open price in relation to VA theory & trading the IB; for the second part of the day I'll add probabilities of trading in relation with dVA.
Executing my plan with patience & discipline is my main focus for the trading day.
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