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News
trade talks between us and china were positive
Condition 1 and 0
Very huge gap out of balance area
market opens 3% higher
oni very long
Thoughts
I do not follow large gaps early
large gaps often suck the life out of trade
Do not sit on the flagpole
wait for some balancing of inventory = liquidation
Condiiton 1 otf up / price exploring
yesterday inside day (which is a sign of balance)
Condition 0
open near y low after having been lower
Thoughts
The edges of the inside day are good milestones to judge what the markets wants to do
- shake out a few longs and continue higher?
- build a balance area?
- ...
Thoughts
Market is a bit overextended
There will be better opportunities after we have seen a liquidation and have a defined balance area
Do not anticipate a liquidation, wait until it happens
Do not sit in longs
Judge the market in relation to reference levels/millestones
If there were any serious selling after a gap down the market should not go through the previous low that easy like it did today
Condition 1
10 day balance area
On friday we tested the downside but (for now) failed
Condition 0
i ignore yesterday
we open with a big gap up
Thoughts
If we hold these prices this is a look below balance and fail (which is bullish)
As we are already in the middle of that balance area we could see chop