A line from the Wednesday August 17th blog.
All-in-all, a range day with BO's on both ends into the UTR and LTR. A range day waiting for a break out. Tomorrow's BOT may offer a clue, and we will look for a tight BOT range that can be easily broken.
Yesterday PA broke the Long BOT (LB BO) and trended for the +5 and +10 targets. It actually hit about +9. We then had a 50CB reversal and eventually had a +5 Short Bot break out. (SB BO).
BOT ranges are set for the entire trading period, and are valid until a new set is calculated. Some will remember the trial we had with after hour BOT levels that helped identify a nice BO for us.
In the after hours, PA broke the SB once again and trended downward for an additional +5 and +10 run.
The BOTs for today were set early. The 5/10 run yesterday into the Upper Trading Range (UTR) combined with the +5/10 run into the Lower Trading Range (LTR) was suggesting that we would see a significant break out.
We got our wish, fulfilling the above statement for a tight BOT band BO.
ES
NQ
YM
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