10:36
SPI opened below the Weekly 50% level and 5-day 50% level and continued down following the Weekly trend and moving down towards the Quarterly support and 5-day lows @ 5481
When the market opened below 5583 there was an expectation that price would push down 22 points before looking to swing back up into the Gap or at least to the 5-day 50% level @ 5602 (44 points up)
There was buying support around the R22 lows @ 5553, but it has continued down following the Weekly trend.
Long 5554 (stopped 5543 - 11)
I was surprised that there wasn't at least a 22 point up move from 5553..... the 22 point fade is often a robust entry strategy of 'gap' opens
Market has continued down into 5531 and the R44 low...
1 lot entry on R44 low @ 5537 stopped 5530 ( -7)
1 lot entry @ 5522 (double R11)
Exit 5544 +22
I still have the view there has to be some buying support or at least move 44 points upwards, but after this up move into 5555 I don't have any probability of what the rest of the day will do.....
Swing down into the 5-day lows @ 5481, or actually swing upwards into the 5-day 50% level @ 5602:-
Sidesways Weekly 5-day pattern
No more trading until things settle down because price isn't trading near any support/resistance levels.
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