The 1st hour and a half pulled off a rather decent morning move lower to print a minor low of yesterday's range low. Volume was not up (whatsoever) on the move down, and sediment overall was low confidence. It was rather clear that the move was just inventory re-balancing action versus true rats jumping ship action.
The just after 8:00 minor low of yesterday's range was truely the perfect, high odds trade of the day. KICK ASS trade of the day.
Today was a great example about how to not hang your hat upon one particular reference when another major reference is lurking just below. This is not an easy skill whatsoever. Today's S1 level was 1827 and yesterday's range low was 1825.50. And, you guessed it, the lows were 1824.25 as the stops were ran. If you got cute, thinking that S1 was it, your stop better have been large enough. This was a mistake that I made today.
But what a great trading day yet again.
Even though today was a bit of a failure, it was just another inside range balance day that the buyers will probably jump upon. But I cringe in saying this with the jobs report tomorrow and this market so crazy extended.
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