WHEN ranges narrow, we often see an extended BO day. Today was no different. B1 creates a 50CB (and at the EMA) which was quickly tested and broken for the first short of the day.
Bulls tries to return into the range on B13-another 50CB but was followed with a reversal signal on B14. Not perfect (perfect would be a small body inside bar) but it worked for another short. B15 BO of the 50CB helped. and we had a failed reversal into the range. Another hint as to weakness. the EMA remained in the Lower Trading Range.
B16 50CB was not tested, a good indicator of the strength of the BO. PA remained around the BO-10 area (10 points below the short BOT). Another reversal bar signaled at B54 followed by a MAXT with the second half being an extended 50CB bar. BO-15 and 20 hit.
Another fantastic day for the range BO for short traders.
Bulls tries to return into the range on B13-another 50CB but was followed with a reversal signal on B14. Not perfect (perfect would be a small body inside bar) but it worked for another short. B15 BO of the 50CB helped. and we had a failed reversal into the range. Another hint as to weakness. the EMA remained in the Lower Trading Range.
B16 50CB was not tested, a good indicator of the strength of the BO. PA remained around the BO-10 area (10 points below the short BOT). Another reversal bar signaled at B54 followed by a MAXT with the second half being an extended 50CB bar. BO-15 and 20 hit.
Another fantastic day for the range BO for short traders.
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