This is a guest post from professional trader David Blake.
Greetings to those of you that see my regular posts on Twitter (@tarantinotradi1) and Slack where I post my trade thoughts related to price action moves.
As the week moves towards NFP Friday, it’s been a tight day so far, and I want to share how powerful the SpotGamma levels (unicorns) on NQ have again been today, Thursday, August 5th.
You’ll see on the chart below how price pulled up early into the session (chart is +5 hours ET) from close to a unicorn level before then getting into a range around the L4 combo. Price then scooted up to the L1 combo before being stopped in its tracks and pulling back. As you’ll see, this level has been well defended, and as such, represents a good place to have exited longs or entered shorts (or both!).
Using these SpotGamma levels as part of a setup and trade management plan is very powerful, a setup that I run, personally, on ES and NQ, as well as the RTY when I’m trading that.
SpotGamma Products Used
- SpotGamma Levels (available to SpotGamma Advanced and Pro subscribers)