7:10 - We are long here at 1337.25. Last night's overnight low printed new lows and then powered higher to close near highs. With the market being so oversold, and yesterday's afternoon long liquidation event, it's high odds higher I think today. Nice A period excess too.
7:41 - Still no upwards action. Price has stalled right at yesterday's afternoon liquidation zone. So far pullbacks have been contained by the POC. But that will probably change if the upwards movement does not begin soon. The daily is in a down trend and "nothing has changed" where price is stalling here. Having said that, if this trade does stop, I'll be very interested in going long the gap fill at.
8:05 - Blammo, the downside is here. Just a couple of ticks away from gap fill. Have to absolutely wait for gap fill. I will want to see some sort of transitional structure to enter long here. Although this big liquidation bar could just have taken out the range low stops and reverse. Going to wait and see.
8:50 - Here is transitional low at gap fill. And I do not know what to do. I just do not like risk to reward on anything here. It's starting to bounce so hindsight will probably show that I should have taken the transitional long. Weird, I get the setup I was looking for and cannot pull the trigger.
10:00 - All up move attempts are thwarted at POC. Two hour tight base now at range lows. Upside down check mark pattern so far. Sediment is basically zero, so it's low odds that a breakdown from this coil will have much extension. Any up move probably won't go far as well -- not unless this is pure short in the hole type of base. And it could be. Probably my best trade idea will be to buy a minor low below yesterday's range lows.
11:20 - Here is the look down below range lows after the fed spike. Not buying it. I don't understand today's action, so I'm sitting. That initial spike rejection to the very tick of the POC is ominous in my eye.
12:50 - 10 minutes before the cash close and it's just a grinder down. This is a situation where I think shorts are getting short in the hole. But the news flow from Europe is too risky right now. I just have to be ready to take continuation long trades, should the market rally tomorrow.