The First Trade & Pre-open Tour Recording… Another hit, another low?
Proper context can start the day with a solid win and make all the difference.
DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A
Through the prior close…
Last week’s relatively narrow 3-day range had been entered by gapping up. It resolved similarly, gapping down 16-17 points into Friday’s 2837.00 open. The morning’s 2832.00-2843.00 range exited the bias environment on its highs, then fell relentlessly through the afternoon bias environment to 2826.00 on no-bias trending. Its required retracement helped to recover the probe under the morning’s lows, as a steep bounce out of the proxy window retraced 61.8% up to 2838.00-2840.00 through the close. But not 100%, as the session’s interim high was not recovered.
Overnight action’s new info…
Renewed roiling of the Turkish Lira helped Sunday night’s open collapse down to 2828.25. It was soon extended to Friday’s lows, and down to 2820.25 through midnight. Its reaction back into Friday’s range touched 2831.75 before dipping again. Now that dip’s higher low has also recovered back into Friday’s range.
If, then…
Recovering the probe under Friday morning’s low had robbed sellers of their traction, but remained vulnerable to retest because momentum hadn’t reversed up above the morning’s 2841.00-2843.00. Its recovery would no longer suffice for reversing the trend up, which now requires closing above 2847.00. Fresh lows overnight don’t seem interested in a recovery, but repeatedly bouncing back above Friday’s lows does lay groundwork for a bullish Isolation setup. Preferably exiting the open above Friday morning’s low would target a retest of last week’s 2863.50 highs. Otherwise, not exploiting the setup could resolve as bearishly as it would have been bullish. More so, having already neutralized Friday morning’s attraction back down to its oversold RSIs, closing lower today anyway would be fresh bearish sponsorship.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2834.00 would be unlikely to trigger the 2831.75 bias-down signal at 10:15. Exiting the open under 2828.00 would be likely to trigger bias-down.