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IM good at using wrong words to explaine things lol
more like lack of.........
I was just expecting to market to re visit that area and fill in some more volume down there
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
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I think the proper term we're looking for is a gaussian distribution. The current bracket/balance area had low TPO prints at the lower end of the profile. Tha market when in balance will often come down and "fill in" those areas.
I did not get to trade today, but the major support zone held again, this time with a minor local double bottom. I did not get to see it happen, so cannot feel the force of the movement, but the area of 89.00-89.60 is now a major point of significance.
I will put it another way... this is attempting to be a major turning point.
I would like to see it breakout above 91.20. maybe even 90.60
or below 89.30, or 89.22, or even 89.55
It held the second time at around 1:30pm EST, broke back above the prior 30/60m pivot. Traders do not want to be short down there into the close.
Or someone is buying the heck out of it... But either way, that area has received a lot of attention. Looking at today's POC, offset so far from the middle, jamming "value" into a tight little wad. And on the other side, they won't do it forever.
My take (note: I'm a rookie). Price will probably open above the single prints from yesterday and within/above the single prints from Tuesday. We're at the top of a bracket and just under a big RTH gap. The ON session has been building value above the 90.68 area, as did yesterday's ON session. I don't know how much that counts for things.
I'm looking for a test of the single prints and will go long around 90.72 - 90.58. If price stalls at the top of the bracket around 91.11 I'll look for a short.
If price makes a strong break from the bracket, I'm in long.
Opened out of balance...out of value....out side of the bracket
I looked to be a seller with seller responding at the O/N highs (ref point)
Target value below
If we reject the O/N ETH developing value i will look to exit and see how the game playes out
Biger picture
Got my risk off.....now let the market do its thing
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
