Bias-parameters
Afternoon bias
Morning bias
Afternoon bias
When is a bias-up not a bias-up?
When it’s still being tested at both 10:15 and 10:30.
[pay]The cash session’s open quickly started probing 1235.00 resistance. This left behind a two-hour consolidation just under 1235.00, centered around 1233.00. The optimism extended into 10:00’s econ report
Firming into the report extended further to test the 1238.00 bias-up signal at 10:00. It was still being tested at 10:15 to invoke the 15-minute grace period. But 10:30’s price action still overlapped it.
With no clear bias signal, there is no target in-play. Holding 1238.00 would have put into play the 1233.00 bias-down signal’s test. Triggering 1238.00 would have put into play the 1243.00 bias-up target.
The one premise in-play (other than confirmation that yesterday’s late plunge did not gain traction) is that 1243.00‘s test is still likely, regardless of the path there. It may even be tested by this morning’s opaque bias environment, or after it starts lapsing at 11:30.
Dipping to 1233.00 first becomes likelier if 1238.00‘s support is probed by more than 2-3 ticks. RSIs just diverged negatively into fresh highs at 1239.50.
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