Disclaimer : I am not a Research Analyst. Hind sight analysis for FUN. Trading future will incur losses. DONOT TRADE
Hi xtrader. 1 pic denotes CM trapped since open finally giveup and start exit. Going long on range low too early once look out momentum i enter bo .
Prices opened within yesterday range and quickly moved 30 points down. which is acted as IRL and DL. Prices traded in 30 point rage for almost 5-6 hours. there was a pressure play but it did not yield much( DO and PDH was close) not much space. Now prices are trading at PDH, prices are rejected twice to go below DL and trend is UP,CM is positioned, order flow is present DP is just above 10 points. Now there are 2 possibilities.1) IF the prices go above PDH and accepted, i will enter above PDH after a pullback2) If the prices go above PDH and rejected, there will be a chance for BOF of PDH
After momentum move yesterday. Price ranging . Down move on morning quick shows strength. Up move from lod took so much time to reach pdh indicates CM positioned well on long. Pdh rejected quickly denotes good demand supply balance. Also position traders who entered yesterday keep sl below lod.if price break pdh creates Bo traders orders flow. Fluid on down side. Best trade is patiently wait for BOF of pdh .
Explanation almost same, i am ready to take both BPB of LOL PDH/BRN and BOF of PDH
If i take BOF of PDH i closely observe FTA i.e flip at 8472-73 if it holds then scratched the trade.
Shasank,1)Probably would have missed the big up move, as there was no pullback for letting me buy.2)It was a pressure play with TRAP, on a narrow range day. I would have simply longed above Range high and exited at PDH, as I don't expect sufficient orderflow above PDH on a narrow range day.Would like to hear your views as well.