Before the US Open price (PA) was trapping within the range and finally moved up to test the long break out (LB). It failed (FBO) and ran the range to the short break out (SB) and continued for the break out +5 (BO-5).
Albeit we announced a range bound day bias, it does not exclude a BO-5 run and a return to the range. The bear was showing some signs of reversing. and we generally look for an area 2 to 2.5 points beyond the BO-5. A tick and 1 point range chart was flashing long at 96 and 96.5 respectively. These were aggressive long (and a stop area) with a conservative entry around 1499 which was the first signal on B12. Trend lines will always be an important addition to the ranges, and they began changing in the same general area as the reversal signals.
The targets for these longs: target 1 the first 50CB bar at 1501 then the next at 1504. 1504 would be taken rather than waiting for the SB at 1505 since this was deemed a timely exit. Price was expected to stall at the 1504 and could take 1-2 hours to reach 1505.
PA pulled back to test the 1501.5 support (a lower risk long), then ran for the 1505.
All-in-all a nice trading day, and range bound....
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