The range news that was released to subscribers this A.M.
Market has completed a longer term H& S pattern and seems oversold. Fundamentals are still in the market suggesting we have a period of mini swings, prior to longer term growth.
es 1134.75-1129.5-1125.5
nq 2136.75-2130.5-2128
tf 660.6-656.9-654.5
ym 10789-10746-10709
6e 3632-3608-3571
Those that had this information saw an early SB FBO. The rule assumes this will run to the opposite level. It did, and at the open we run for a quick LBBO +5 and +10. It was at the LBBO15 we see a reversal 50CB.
A bearish channel developed, with a second LB run to a lower high at LBBO10. The focus in the room: we had three chart elements coming together, The LB, the EMA, and the channel. These are important. PA can break two or three elements and have a substantial run.
[13:52] <CM> note mkt has brought PA and ema back to the LB
[14:03] <CM> pa at a critical area lb/ema/channel a bo long would attempt a hod test. bears keep channel alive
[14:06] <CM> when pa can break 2-3 chart points(lb/ema/channel in this case) the runs tends to be extended and very nice to play. flip, pa does not break it holds trend and a lod challenge is likely either way a play to watch
[14:07] <CM> traditional play: look for sign of direction, play first pb
[14:07] <CM> aggressive long the lb when (if) pa returnsThe three elements broke. The PB entry was at the LB. Nice run.
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