When to fade the 169 and when not to is not a clear cut decision; the general rules are:

  • If it’s in the current HH-HL or LH-LL sequence it’s generally a good idea.
  • It’s also good to trade if it is hit outside the Bolli bands
  • And definitely when there’s a compression around it.
The market has opened below levels and traded below CBOS but now some buyers are being seen; the 169 fade is in line with the current HH-HL sequence.

In this case, taking a long at the touch of the 169 would have been a 5R trade with no heat; this is the PA context.

  • The trade would have been in line with the current sequence, but it was below CBOS; CBOS had seen some acceptance above though and was not immediately rejected
  • There was a TL at the same level, adding power to the level
  • I already knew that 11090 was a hugely important level from the daily chart, and this trade offered a means of entering long at the level.
Daily chart showing the significance of 11090

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