After Hours Report:
Today was probably the most picture-perfect balanced day session that I can remember. Inside range of both the overnight and prior day's session. Post-trend-day balance like this is very common.
I period minor look below range lows resulted a move to range highs. The L period minor look above range highs resulted a move to range lows.
Textbook in all respects.
NYSE Volume: 3,331
Globex Session Visualization Guess: Up
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Candidate balanced day
7:30--After yesterday's trend day we would expect a balanced day today. And that's what we have so far with an inside range initial balance of both the overnight session and the prior day's session.
The overnight session was flat to slightly up when about midway through the session it sold off and closed near range lows, which was also yesterday's value area low.
Small excess tail in A period. But all the initial balance highs could do is fill the gap down and reverse. Not even a probe above overnight highs or lows: All textbook balance day action.
Visualization & Odds: Obviously balance high odds. With a small a period excess tail in place odds are greater for a test of yesterday's range highs than they are for a test of yesterday's range lows.
For today to balance -- instead of selling off -- is a continuation pattern that will eventually lead to more upside the odds say. At least some sort of look higher.
Tactics: Unless something drastically changes we're going to be patient and play the range extremes. Watch for minor highs and minor lows as reversal zones. We will be playing for small targets, only at range extremes. Especially with only a 6 point range.
Range/ATR 5min:6 points / 1.5
NYSE Vol:743k
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Grade: A: I didn't feel the need to journal anymore today, as it there was not a sniff of anything but balance structure in place.
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