An Excellent Trading Day
You never know when the market gods will smile and you have an excellent trading day, but today was certainly one of them.
It didn’t start as an excellent trading day, though. We held a narrow range off the US open that resolved in a Spring just after 10:30 ET. This is shown at A. The Spring was a nice trade as long as you didn’t get shaken out on the pullback off resistance. The exit came on no demand as the move became overbought (B).
Market Tips its Hand
The true intent of the market came on the reaction at C. We have strong supply hit the market, and this set up a hidden UpThrust at, for a short trade to an oversold position in the downtrend channel into the noon hour.
Additional Trades on an Excellent Trading Day
The typical noontime rally occurred, but the market had taken out the early morning lows and found no demand at resistance (E) where another short set up. Sully entered as the market broke the noon hour low and put in a lower low on the day. The weak rally back to resistance provided another short opportunity with an exit into the close.
Overall an excellent trading day.
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