You can read charts and be right about your interpretation of likely price action (PA). The issue: how long will the target take to develop much less hit. Today we had a buy at the 5m EMA just prior to the open and near the LB.
The LB (or the SB for shorting) is expected to run for a minimum of 5 points. Less is a different play. The long did hit the BO 5 but took until B18-19. When it hit, 18-19 developed as a 50CB at the BO 5 level. With a FBO at the BO 5, PA is expected to return to the LB.
Wait, wait, ....
to around B62-63 for a 2bar reversal at LB plus 2 ticks, and a run back to test the BO 5.
From B1, PA played in the middle of the range almost all day at the 1417.5 level. In the after hours, we finally hit the LB at B119.
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