Scalped back.


ES is ballistic,




and up until then CL had an incomplete high, plus A period still stands as a possible trend day.




Still maintaining my view on the higher LSP, my scalp target was the break above the double prints.

Price has reached IB 2, the max range if this will reverse and become and neutral day.

Keeping a big picture perspective. That overlapping action is corrective behavior. That is a 240m chart, those a big corrective waves on a smaller timeframe, with the "C" leg hitting the even higher time LSP +1 tick.

Here. Notice the A and C similarity. "Measured move" as some refer to it.


And the bigger picture

Not that the 240m has anything to do with today's range, but expecting continuation higher is not warranted until that breaks. 94.50 stood out like a sore thumb since Sunday night.

GaryD 

If I was a swing trader, this is where I would be. I am going to pretend I still am and see how that works.

It's funny how the mind naturally wants to short something like ES, with wide open sky above.

GaryD 

FOMC Minutes 2:00 PM ET

"The Federal Reserve released the minutes of its latest Federal Open Markets Committee Meeting earlier than planned Wednesday, a day after the transcripts were inadvertently sent out to a select few. They were released at 9 a.m. ET Wednesday instead of their anticipated release at 2 p.m. ET.

According to the Fed, about 100 congressional staffers and trade lobbyists received the minutes sometime after 2 p.m. ET on Tuesday.

The Fed has contacted the Securities and Exchange and Commodity Futures Trading commissions and its inspector general to see if there was any trading tied to the early release of information. "



I have been doing other things waiting for FOMC to pass.... now I am wondering if they really were out Monday afternoon.

Faced with similar trade issue as yesterday. K period...

Repair top hit