Basically price /market has rejected everything that occurred on Friday.
I did point out that smart money was balancing their books. They did that beautifully. A long of longs got trapped and accounts blown!
One rule of thumb – too many speeches on the day, obfuscate price action. Add Trump tweets and China-US trade war and it being Friday.
Note how the drop came to Thursday’s VPOC. Rejected that and went down further. Volume was quite high and most of them are institutional players and London is closed. There isn’t much in terms of scheduled news. This leaves the market to Trump tweets.
Today, I am expecting price to reach for the open and come back down.
However, wait for the initial balance to be established before jumping in.
I did point out that smart money was balancing their books. They did that beautifully. A long of longs got trapped and accounts blown!
One rule of thumb – too many speeches on the day, obfuscate price action. Add Trump tweets and China-US trade war and it being Friday.
Note how the drop came to Thursday’s VPOC. Rejected that and went down further. Volume was quite high and most of them are institutional players and London is closed. There isn’t much in terms of scheduled news. This leaves the market to Trump tweets.
Today, I am expecting price to reach for the open and come back down.
However, wait for the initial balance to be established before jumping in.