"[09:50] <Chartmaster> most would be looking to sell thus against the herd, mkt would like to take them to the cleaners and run back to 04-05" set the tone for our trade day.
That sell down had a clue: a reversal near the low. While shorts were still entering, we were looking long. The day turned bullish.
Fast forward to day two. On the global setting, we see the open in a down trend which quickly reversed to the lower range of the pre-open high. By bar 14, we had a double test of the low that began a very nice bullish day.
Our strategy continues to focus upon trends, breakouts, and reversals. Some of the trades we discussed included:
Bullish trend lines at the open; retest of lows; our bracket breakout play; and a very nice 3 point extended reversal.
We went long when the bullish TL resumed,
and shorted the market fade at the end of the day.
The reads continue to be reliable, and seem useful in a variety of PA settings.
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