Good morning for Tuesday, July 17th. The daily chart shows price yesterday opening and closing above the daily pivot in a narrow, inside bar day. Today, price has opened above the daily pivot and thus far made a higher low and higher high. A MW high is projected for this Friday.
The hourly chart shows price yesterday morning finding a 24Hr low on a long-tailed bar that tested the weekly pivot but closed on 24Hr MA and MW MA support. The action following that low is slightly muddled as we appear to have shorter and longer than usual session cycles before breaking out above the prior 24Hr high. Whether we have made a 24Hr high amidst the overnight trading range that followed is still undecided as we are currently in the timeframe for a session high to be made. If that session high was made at 7:00am Central, it was a lower session high and indicates that we are now on the downside of the 24Hr cycle. We are overdue for a MD high to be found, but as mentioned yesterday it is not unusual to see it right translate coming out of a MW low. Thus far price continues to exhibit behavior associated with being on the upside of the MD cycle.
I blew it yesterday and bailed on my longs when price broke sharply below the daily pivot, thinking that the MD high was in (despite my belief that it would right-translate). Now I am in no-man's land as we are that much closer to seeing a MD high put in (which keeps me from being long), yet we have not yet taken out the prior MD high on this move which I expect to happen (which keeps me from being short). I will likely sit on my hands and wait for a trip down to the blue MD MA before reestablishing longs, unless price makes a sharp run up right at the open, in which case I will assume that we have not yet seen the 24Hr high and that one will be made above the MD high of last Tuesday (marked with down arrow in blue ellipse).
No comments:
Post a Comment