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.