Bias-parameters
Afternoon bias
Morning bias
No-bias on steroids.
Noon hour devolves into a 3-4 point range.
[pay]Recovering 1240.50 into noon would have triggered a move targeting 1243.00. It was probed into noon, but not recovered. Rather than dip to 1238.75 support, the balance of the noon hour has ranged narrowly.
How narrowly? Very narrowly. In fact, the past half-hour has fluctuated wildly between 1239.75-1240.50. That’s just 3 ticks.
A break higher is still possible. It would still be launched from an unstable base. Either 1243.00 would push back down, or steroidal optimists would sponsor an afternoon upleg.
A break above the narrow range’s 1240.50 upper-end isn’t able to signal a reliable upleg. It’s not able to trigger a reliable signal because narrow ranging doesn’t tend to launch an upleg. The task becomes even more difficult with RSIs stuck in their own mid-ranges for more than two hours. Any long-entry should have a relatively tight trailing stop.
Otherwise, I am monitoring for a more optimal entry parameter. It may yet be a short-entry. Any entry may yet wait until the bias environment starts lapsing one hour from now.
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