The 6E also had a gap down open that never filled. The long bot was established at 4120 and the short at 4090. The short was tested, and we consider the long a failed break out (FBO). One of the rules we are developing, a test of one bot followed by a failure of the other, will result in a break out run of the first bot tested. Last evening, that fantastic BO was to the short side. By the US open, the 6e had shed 100 ticks.
click to enlarge
Last evening, we started a simple screen share and discussed the market. The format for the webinar is being developed. It has to be right, and provide the teaching desired.
TODAY: 6E
Just prior to the US open, the long/short BOTS were established. Without too much detail (beyond the intent of this blog), the BOTS are key points in the market and represent where a price crossing or rejection is important. As seen in the BOT's for last evening,they are very important.
Our bias was long from the start of the day. The first long trade ran for some 20 ticks, and additional trades followed. B10 area was a MAXT: at the long BOT, at the EMA; screaming LONG. Next we had a bullish TL and a target price of 4045. Longs entered (and continued to enter) at the EMA willing to accept the risk of a reversal. But we knew what the professionals knew- the run and bias was LONG. They were not looking for a reversal. Shorts were, no pun intended, in a short time or paid dearly.
TODAY: ES
The ES was more problematic today until it too decided to follow our long bias. The first twenty bars were inside the BOT range, with some FBO's on the short side. It was interesting to see some of the postings where all the doom and gloom people were looking for 1300. That was not the nature of today's market. It was long bias early. The question was when it would prove us right.
The screen share was a simple format, but long enough for attendees to see some trade setups.
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