BIG PICTURE
TRADING DAY
- OVERALL TREND IS UP. PRICES HAVE BEEN IN 200 POINT RANGE FOR THE LAST 20 DAYS. CURRENTLY PRICES HAVE TAKEN SUPPORT AT BRN 8100 AND ARE ABOVE RN 8150 WHICH IS ACTING AS A FLIP.
- PREVIOUS DAY DAILY CANDLE IS IN DECLINE MODE. HOWEVER, IT TOOK SUPPORT AT BRN 8100.
TRADING DAY
- 09:30 - PRICES OPENED AT BRN 8200 AND HAS TESTED PAST S/R. TO GO LONG IF PRICES ARE ACCEPTED ABOVE 8200. SHORT TRADE BELOW BRN PDH LOOKS TO BE LOW PROBABILITY AS 8200 TO 8150 HAS BEEN CONGESTION ZONE FOR THE PAST 20 DAYS.
- 12:12 - PRICES ARE IN 20 POINT RANGE FOR 2.5 HOURS NOW.
- 12:25 - PRICES BROKE DOWN OF DAY'S RANGE, WAITING TO SEE HOW PRICES BEHAVE AT RN 8150.
- 13:56 - UP-SIDE IS CAPPED AT BRN AND DO. SELLERS DO NOT HAVE ENOUGH MOMENTUM TO TAKE PRICES IN THE OTHER DIRECTION.
- 15:30 - NO TRADES FOR THE DAY.
Guru
ReplyDeleteYou could have thought about taking the setup around 1 pm when it gave BOF. That level was a confluence of range and multiple DPs. A good location plus prices were in downtrend since open.
URD