8:00am
Yesterday completed the 'gap' closure from the 5-day lows and into the 5-day 50% level.
Thursday's trading was a higher probability pattern using 'gaps'. As pointed out it was the first 'gap-probability' trade since November, however today isn't so clear cut on the direction and what trend Friday is going to take.
Friday is about trying to pick the direction of the Weekly trend:- often a rotation into the 5-day 50% level can send the market down into a lower Friday close.
Risk 6291
A move down early into 6291 will put price back under the 3-day lows, which can send the market down another 44 points towards the Quarterly 50% level @ 6246 , and much more.....(daily range random length)
6291:- is an each way bet, because a lower R44 spiral can often attract buyers and actually move back upwards towards the middle of the 5-day range once again, and we have a flat sideways Weekly timeframe.
In conclusion:- The first trade isn't easy becasue there is no high probability pattern to trade the open...does it move up, or does it move down to complete the 44 points @ 6291 before deciding the direction?
I would like to favour the price pattern of the 5-day 50% level failure and continuaton down into a lower Weekly close.
A move down early into 6291 will put price back under the 3-day lows, which can send the market down another 44 points towards the Quarterly 50% level @ 6246 , and much more.....(daily range random length)
6291:- is an each way bet, because a lower R44 spiral can often attract buyers and actually move back upwards towards the middle of the 5-day range once again, and we have a flat sideways Weekly timeframe.
In conclusion:- The first trade isn't easy becasue there is no high probability pattern to trade the open...does it move up, or does it move down to complete the 44 points @ 6291 before deciding the direction?
I would like to favour the price pattern of the 5-day 50% level failure and continuaton down into a lower Weekly close.
Don't trade longs below 6291...
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