On the bearish side, I was focusing on the two lower TLs in the orange square (one from the D1 chart and a shallower one from H1).
On the bullish side, I wanted to see a break of the ON range – which was also the futures
Strategy for today’s PA
There were levels everywhere; so although some of my TLs broke, the market then headed straight into a KL and reversed. Overall the market was
The PA was contained between the Futures close/upper D1/H4 TL on the upside and the lower D1/H4 TL on the downside.
- At the open, it looked like there was an opportunity to buy gap fill, but by 8:01, when the spread is narrow enough to trade, the move was already over.
- Just after the open, the market dipped down to the minor support I identified (ON low)and then immediately reversed towards the upper TL. This set the picture for the rest of the day: new highs sold and new lows bought, but with a bullish tone as each reversal from the highs saw a higher low.
- Market closes the futures gap, giving a nice Bolli Band opportunity.
- Market retests the Futures close and D1/TL Upper TL again, having made a higher low.
- Third rejection of Futures close and D1/TL Upper TL after making a higher low in between.
Declinefrom there hits the critical cash weekly 200 MA and reverses.
What I did
Because today’s results were so bad, the day’s trading activity is examined in more detail – see Another Manic Monday. This means I cannot trade again until I have written everything up and defined some actions to fix these problems.
TOTAL = -7.4R
Today’s most gorgeous setup
Fade the Futures gap fill. This did not see a huge number of points, but it was not a day for that – instaed it was a very high probability trade with very clear PA.