TO understand the US Market today, we need to go back to last evening. The BOT values were released, and we had PA failing at the LB. A 1458 short was announced.
Flash forward to the Euro Zone trading. Buy signals began hitting around 54.5 for a reversal in the market. It was here we saw the beginning of the buy bull TL.
This long bias (and early buys) pushed back to the LB, with PA holding above (candle bodies) the EMA. When we have a 45 degree type TL, bodies holding at/above the EMA, and toss in the BOTs the mix will most likely be productive for trend-direction orders. The 8:25 candle was the final for the LB shorting; a doji at the TL suggesting an end to the selling. The LB breaks and we get a 50CB bar run to the LB 5. That 50CB became an important area to watch. Exits at the LB 5 were followed by new longs on the second push to BO the LB 5 until the reversal signal hit.
The short was taken with a target considered to the 50CB and then the LB. Near the 50CB the PA was not optimal, albeit it was an important area of support. To short, the area needed a BO. We see the daily bull TL, an intermediate TL, the 50CB, and the 20EMA. Longs were painfully slow and shallow. By B40 area we finally get the sell signal and shorting was again in vogue. PA hit the LB and followed with a range run to the SB and a 2bar reversal to close at the EMA and the Mid BOT.
BOTs, signals, and the "stop light" (red-yellow-green) indicator are all proprietary tools for the BOT Trading System. Join us on MiRC at #Chartmaster for current discussion and timely chart postings.
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