THE ranges were released when PA was running the range, a +5 run if it completed. It did, and those paying attention had an opportunity to capture the LBOT BO for another +5 run (+4 stop).
PA returned to the LBOT for the open. With the BO-5 reversal, another range run was expected. Another +5 with a FBO test at B3-8. B1-7-12-18 was the bases for a "W" pattern. The right side of the W (or M if bearish) tends to run to the extreme of the prior side. With B17-18 as a higher low, another range run was in play and targets at 70.5 and 71.5 were established.
The afternoon provided more bullishness. Shorts were being trapped (unless for scalps). With range runs and BOs, scalps are not that productive and carry a higher trading stress. With no clear challenge to the EMA. additional longs were productive to BO-10.
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