WEBINAR: TARGETS ARE SET FOR THE DAY

The break out targets are set in the pre open session.  We started the webinar early since the activity warranted trade considerations.  Price would break above the long BOT, and the question was raised in our chat, "does the break of a BOT before the open mean new targets are needed?"  The short answer, no.

BOTs are developed to gauge the market for the trading session.  In our case, that is the US Market, but they could just as easily be developed for any of the trading zones.  Even though price broke the long BOT before the open, we would see a FBO which implies that price would run to test the lower BOT.  Traders following that move on the TF were pleased with their reward.



TODAY:  TQ AND ES

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TF started with an early control bar, and pushed to the long target.  A pennant type pattern developed, and we have a FBO and TL BO at the long BOT.  This FBO  is viewed as a reversal short with a first target at the 50% CB level, and a secondary target at the short BOT.

A second test of the long target ended with a MAXT reversal with similar exit targets.  Later we see a 50% CB long that had a target 1 at 814.8, which had been a consolidating area for b3-6.



ES

ES had two early FBO reversals that produced a run to the lower BOT.  B9 to b22  was a two leg run to the long BOT from the 50% CB at b9, and available as a short BOT reversal and EMA break by b13.

Started early, finished early.