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In case current gap up will remain till open probably a bit of short covering might be expected with a bit of a push on an upside. Whether it will reach weekly VWAP is completely different matter.
I would also point that usually consolidation is accompanied by relatively small volumes, while yesterday Volume after big push down remained on an elevated levels which could be another indication of reversal. Yesterday sell-off near close bore all hall-marks of spike , which was confirmed by aftermarket reversal. There was also nice double bottom pattern appeared in afterhours so I would say the question is when to take a long position. Probably when the price will be freed from nice downward channel.
That being said 100% of the time my analysis is wrong, so most profitable strategy would be listen to me and take reverse :-). But we will see today as I put all my thoughts down.
If it is not too painfull to analyze would you mind to zoom in on two premarket trades. Price was in nice downward channel continuing to roll down so what was the rationale for closing the shop ? Take a profit and bail out ?
Quoting from one experienced trader : " You did not make a mistake, you just took position too early ". But it is worthwhile to put thoughts together and form a basis for the trading decision(s) in writing.
On a general note I mentioned a couple of other trading journals, may be it is worthwhile to have one big journal dedicated to futures where traders put their thoughts / trades in one place. This way it will be collective learning process where people discuss their ideas and rationale and thus enhance each other skills. I certainly find a lot of benefit going through your journal as TPO is not something I could ever consider, but as a general framework for the day / week it certainly has lots of value.
Covering mode all day that developed not much pressure/speed to the upside
That made it hard to get the second move up. Market made one hook too much
Late in the morning it looked like it wants to rollover to the shortside. But that was just one more hook to get out some longs only to then make the second leg up
@kazbek966
I ignore 99% of news/media and instead focus on inventory and what actually happens
