BAR REPLAY - 16MAY2016

BIG PICTURE

• PRICES ARE RANGING FOR PAST 1 MONTH. 
• PREVIOUS DAY DAILY CANDLE IS IN DECLINE MODE. PRICES TESTED 8000 AND ARE CONSOLIDATING AT THIS LEVEL.

TRADING DAY BAR REPLAY

• 10:40 - PRICES HAVE FORMED RL ABOVE BRN, PDL AT 7810. DOWN MOVE DOES NOT HAVE ENOUGH MOMENTUM.
• 11:00 - PRICES BROKE OUT OF RL AND HAVE PIERCED BRN  AND PDL. TO GO BPB SHORT OF PDL.
• 12:58 - PRICES BROKE DOWN THROUGH PDL. TO ENTER BPB OF PDL.
• 13:06 - TRADE NOT FILLED.
• 13:14 - PRICES TESTED PDL SEVERAL TIMES AND THEN THERE WAS BOF. tHOUGH LOOKING LIKE A REVERSAL, NOT PLANNING FOR LONG TRADE AS THERE ARE LOT OF LEVELS IN THE WAY UNTIL PDC.
• 14:03 - 7810 IS ACTING AS FLIP. 
• 14:23 - PRICES ARE IN UP TREND. PRICES HAVE TRAVELLED FROM PDL TO PDC. GREEN BARS ARE WRBS AND  HHs AND HLs HAVE FORMED. BUT WILL WAIT FOR ACCEPTANCE ABOVE RN 7850.
• 14:57 - WAS NOT ABLE TO ENTER BPB AT RN. BREAKOUT CANDLE RANGE WAS 35 POINTS. R:R RATIO WAS NOT FAVOURABLE.