WHEN PA is bar-to-bar slow, traders have two positive options and one negative. Stay out, or wait it out are positive. "Wishing, hoping. over thinking" is the negative. You can readily find it in chat and it is distracting.
Today we had a range run to test the SB. PA turned, and another range run to the LB, and we had a strong bullish TL. Took hours to complete. Time enough for traders to over think what the market is saying. Be it a slow bull or bear, there will always be a group that is looking for the opposite move. "Bar X" is troubling surely this is where the bears take over!.
The bear did not take over until later in the day when we had a double top at the LB and a QUICK range run. The kind we like!.
A slow moving market is, well, still moving. Difficult to play only because traders want "it now" and ca not wait. Follow the rules, whether slow or fast.
- A failed break out at a level is likely to run the range to the opposite level.
- A level BO is expected to run for a minimum of five points; the BO-5.
- Failure to do so, price is likely to reverse and run the range.
- A stall or FBO at a BO level is likely to reverse back to the prior level. I.E. a BO-10 back to the BO-5, or the BO-5 back to the LB or SB.
- A range bound day will run level-to-level or stay within a BO-5 range.
PA failed to hit the LB at the open, and sellers were noted.
PA was considered a FBO at the SB and likely to run the range.
Strong bullish TL. Range run completed after taking ALL DAY. Requires patience. not speculation.
A double top, and a quick sell off range run.
Follow your reads, your rules. Avoid at all cost the nay Sayers....
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