The news related down up reversal was 4 points tall and this means there is some risk that it will turn into a trading range. Two legs up provided an A2 short at b11. However, the entry bar b10 closed strong, so there was some chance they would buy its low (purple line). A shallower pullback at b17 was an A2 long and very good setup. The market shot up +4 and turned into a TTR. b30 broke above the TTR and gave a BP at b36 ii.
Since there was no overshoot, b42 would be a poor short for W. b53 gave a double top but it was a marginal short since there was no demonstration of bear strength. A Double top pullback (DP) ii short at b56 was also marginal but could be taken with an option to reverse above the DT. b63 was a marginal G and b66 was a marginal G2 entry since they forced a buy above and mid flag.
The down up bars at b72 after three pushes down was a good signal. Technically, this was the first bull bar below the ema that triggered a long position.
Price took out the high of day (HOD) and retraced all of yesterday's down move.
No comments:
Post a Comment