Price Action (PA) started at the Long BoT LB but failed to run the range to the Short. Hindsight, did not start at the open, B2-3 was a PB continuation short just above the LB. B2 had other information; it showed bull support above the short bias at the SB and was an aggressive entry for a long. The risk was a move to the SB.
Bars 5, 6, and 8 were rule entries for longs with an additional long rule at b10. Exits were seen just below and at the BO5 level ( LB+5 points).
An ascending triangle developed with a top at the BO5 level. More sideways PA with a slight bull bias (running about LB+3) and testing the BO5 with multiple hits to finally break in the late afternoon.
Once we have a break, the focus is on a run to the BO10. B45 buyers would want a +5 trade which gets us to 1401.5 area. the BO10 was at 1403.25. Two reasons to support the run.
An interesting PA developed around the bar 71-74 area. We have bear resistance around 1400.25 and, as it turned out, roughly the 50CB level of bar 75 bull. This creates two Limit Entry opportunities to watch:
1. The RF play. Did not have a name for the play but it was noticed by another, so give credit where earned. The first option enter a buy above B74 bear (short/sell) resistance signal. This allows an opportunity for a BO play. Your stop would be the most recent prior bull 50CB not tested. In this case, the EMA or B68 50CB (98.75) or the BO5 at 1398.25.
2. The second option would be to respect the resistance and enter a short below B74 with a stop above the resistance per your limits.
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