I love the formation of price here. It would be stupid to look for shorts when price sits this close to all time highs, and trust me, I have done that plenty of times before.

There is a clean PO3 on this chart, meaning accumulation, manipulation, distribution, and the distribution phase is where I want to be long. It comes from a weekly FVG (Fair Value Gap), which you can see on the right side of the chart, and price is respecting the middle line of it to the tick. Twice.

I am closely monitoring how price reacts around NFP today and around CPI, as that is what will show me when to take the trade and where exactly. As of right now I am looking at the weekly FVG, to see whether price wants to revisit it.

🔴 NFP — Friday, August 7

🔴 CPI — Wednesday, August 12

🟢 If a low of the week gets formed next week by Tuesday or Wednesday somewhere else, I am confident taking the long even without a tap into the weekly FVG.

🟢 Same for NFP. If we simply displace higher from here, there is no need to wait for that level, and I will look for an entry closer to price.

You can also check my NBIS and PLTR ideas, attached to this one.

⚠️ Disclaimer: This is my own opinion and my own trades, not financial advice.

#NQ #Nasdaq #NQ1 #PO3 #SMC #PriceAction #NFP #CPI #Futures #TradingView