[08:49] <CM> ranges today 1609.5-1606.25-1604.25
The day started with what appeared as a reversal off the Short Bot (SB) followed by a range run and Long BOT break out to the BO-5 . The run was supported by 50CB's and 50CB Trend Lines. The gap to the EMA was nice too!
We also like to see the big boys get their targets.
[09:44] <CM> 8:30 reversal buyers +8 1613 +10 1615
PA was showing signs of an exhausted run as we continued to gap to the BO-10. By B32 we had a short alert as PA created a 50CB, broke the EMA and a prior 50CB TL. All positive for a trade with a known risk to the upside in the 17.5-18 area.
Targets for the selling were set at 12.75 (target 1 T1) and 10.50 for T2. By rule, when a level fails we tend to expect a return to a previous level. BO-10 reversed to BO5 and BO5 likely would reverse to the LB at 9.5.
The selling actually ran the original range back to a SB BO and test of the magical 1600 area.
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