As typing, the market bid up to previous Single Prints and is seeking continuation.
The Current Low of Day is being Supported by My Pivot : 17530. Buyers have an opportunity to catch Chasing Sellers by surprise. Close eyes on 17590~ for this first layer of business above.
Be sure to read the Intraday Plan I shared to be up to date with all the Context.
17630 Offer : Flush // Recover // Flimsy Close : Trades 17440.
17440 : ETH Gap Down // Higher Low : Trades 17530.
17530 : Fails to break // Reverse Position : Trades 17590.
17590 : This will not end well // Squeeze : Trades 17710.
Price will fall in search of a Buyer
Gap Down // Buyer Found
Globex Open gaps down sweeping the stops below Fridaysโ Close. From here, we found a Buyer that continued their business to the upside;
This leads us to [Mixed Opinion] tape as we Open at 17630 directly.
Heavily two-way traded Open. This activity can be expected knowing we had โheavily handedโ participants in play, referencing my Plan(s) prior. This positioning took 90m to resolve. 17530 proves a Higher Low.
State of the Auction : Changed
Buyer Found // Initiation
Price doesnโt always paint the picture of whatโs happening. This IB was a bloody one. Sellers werenโt pulling any punches while attacking My 17530 Pivot. As a reward, buyers slipped one last trap before unleashing a continuing grind higher.
Common Sense : Market Sense
Initiation // Check-Test // Continuation
Buyers have an opportunity to catch Chasing Sellers by surprise. Close eyes on 17590~ for this first layer of business above.
The order in which these events occur is not linear.
The order in which these events occur is completely dependent on Player I / Player II
Many will be drawn to this Close and think that their orders mattered.
Personally, I think the only edge this session laid in the hands of 17530 // 590 above.
Initiation โ Auction โ Initiation || Is one of my favourite States. Find the tape in play, once above / stay above ; Carry it to the local Pivot Above. This tape gave me the insight to hold my position, to which I carried longs to 17660 my favourite bike. Iโm sure thatโs the first time youโve head that on SetFeed :)
Obvious typo : 17590 : The entire theme of this auction was built on : Was now in play.
Sellers fight back with a luke-warm response, To which in my mind was not strong enough to take out our new-found player. Spoiler : It was not.
This will not end will : Simply my theme of folksy & furu getting fudged. Feel free to search back any other reference.
Personally I think Iโve grown a lot as a Trader this year.
Iโll be taking this Chapter of my journey to grow others.
When my trading profits allow me to order my 911 GT3 my license plate will be โSETGT3โ ๐
Well played and thanks for the clear play by play articulation on your thought process ๐ฅ