The BOT ranges were set, PA was struggling at the LB. A FBO developed at the open and B3 closed below the EMA which remained in side the ranges. PA ran the range and broke the SB. By B8 we had a two leg CT (counter trend) PB to the EMA. With the EMA FBO, B12 pushed back inside the 50CB selling to the BO5. Each signal became a scalping CT long back to the bear TL.
PA continued as the selling hit the BO 10 level.
THE BREAK DOWN
There will always be a "Why" to your trading decision, and all decisions are based in price action. So this is a breakdown of some of the PA reads to the market today.
1. PA is having trouble crossing (BO) of the LB. Meaning, bulls can not seem to move into a dominate position. While there is a risk PA will BO, the action is suggesting a range run sell off and is a lower risk short. Certainly with the B3 break of the EMA we saw more sellers entering, and a range run is part of the rules.
2. B8 is a CT long for a scalp trade to the 50CB as a minimum, and the EMA as another target. It was a 2-leg EMA PB that failed at the EMA and the SB, both shouting SELL.
3. Another CT PB at the BO 5 that should test the 50CB. PA did cross the EMA but stalled inside the 50CB range and a sell signal near the bear TL. This is a lower risk short.
4. If #3 was not your cup of tea for shorting, then #4 was an EMA FBO and B38 broke the EMA. A lower risk short.
5. A spike to break the TL and BO5. When it failed, the EMA was a lower risk short continuation play. We also continue to see the CT PB's which are going approximately 2 points, thus giving the 5t scalpers their +exit.
6. The BO 10 and a CT PB signal: a lower risk long.
No comments:
Post a Comment