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the market currently resides within a wide 60 tick congestion area after a deep overnight sell off. It has once again gapped to the downside. The long term trend is down, the mid term trend is neutral and the short term is sort of down. I haven't a clue what will likely happen next. Best under these conditions to wait for price to telegraph an obvious move or wait for a reaction off an S/R level as marked on the chart.
the market has retraced most of yesterday's rally and currently sits on top of Y OR and where it broke out. The long term, mid term trends are down, the short term trend is up. A rally here would not be surprising. The action in the overnight has been choppy on the way down so bias is neutral at this point. Inventory report should shake things up later.
end of day. Price hit the resistance area at around 47.55 and reversed but it was just before inventory so no trade.
Catching up on journaling my trading this morning. Trade one taken on a entracement of a break out after price hit RTH HVN from yesterday
I didn't like the way price filled my order on a quick jump down through the break out top, so I exited at BE at the first opportunity. It was the right choice. Total Reasonable Movement: +7, -37
Trade 3 same concept as trade 2 but after a higher low off the swing. Entered on a retracement back to the POC of the impulse break out.
Exited at +1R when price had difficulty getting through the previous support turned resistance at 46.77. TRM -2t, +14t
Note: once again all trades taken against the prevailing trend today. It would have been much easier to have taken shorts today
Recap: price ended up at the end but I was gone by 9:00. TRM for the trade was -9t, +39t. It was a 3R trade but I don't think it would have been wise to hold through all of those pull backs.
The market sits inside the tight range of 36 ticks formed after the report yesterday. Yesterday's POC looms above while yesterday's swing low sits below. I'd like to see it get out of this area before considering a trade. Several scenarios are possible depending on how price reacts to the S/R in proximity.
After the double bottom yesterday price is currently in a mid and short term up trend. There are a couple of areas below that look to be potential support on pull backs. Below yesterday's POC and we'll probably go down to test Wednesday's POC.