The bands expanded after days of narrow range trading. Outlook? An extended break out. PA delivered today with an US Open range run, a PB for a higher low, then off to the races for a BO5-10-15.
Other than the plays provided in chat, these PA points should be of interest and add to your analysis:
- B1 reversed three bear bars (globex) including the 50CB of the prior bar and closed above the EMA. Read- lower risk long with a known support for your stop.
- Stalling above the LB for your exit and likely reversal short.
- B11-12 showing support at the mid BOT for an aggressive long; conservative on B13 at the EMA with a known support below for the stop.
- B16 and 19 that penetrated the EMA but were FBO. EMA is support in a strong bull market.
- With stalling at the BO 5, rules state we are likely to get a PB to the LB. Also, we are in a trading range from 1419 to 1420.5.
- B55 was attractive to longs and was used to run short stops. The close below the EMA was your lower risk new short with a known resistance (the EMA) above you.
- B59 gapped and pulled back from the LB' worth a long look with a known support.
- B66 broke the EMA and the prior five Doji bars (micro trading range).
- Expansion resuming, play each BO 5 range ( LB to 5, 5 to 10, etc.)
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