Today's session filled a bit of yesterday's final sell-off.
We left poor lows early on the day, that got corrected in the final hours of the new york session.
Now we are left with poor lows on the daily, although I have to point out that it is purely because the high was formed in the last and first minute of two TPO blocks.
In any case we had an imbalanced move to the downside, so unless price is still really weak, we can expect to correct that first before moving lower.
I'm looking at two scenarios:
- we fail to reclaim daily POC here and take the lows again. Gut says that would lead to more sell-off, but a reclaim is of course always possible.
- we take out todays highs, then come back for the lows and spend some time compressing here, which would increase the odds of taking out the single prints above us (green)
We left poor lows early on the day, that got corrected in the final hours of the new york session.
Now we are left with poor lows on the daily, although I have to point out that it is purely because the high was formed in the last and first minute of two TPO blocks.
In any case we had an imbalanced move to the downside, so unless price is still really weak, we can expect to correct that first before moving lower.
I'm looking at two scenarios:
- we fail to reclaim daily POC here and take the lows again. Gut says that would lead to more sell-off, but a reclaim is of course always possible.
- we take out todays highs, then come back for the lows and spend some time compressing here, which would increase the odds of taking out the single prints above us (green)
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Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.