no follow through from the sellers...a lot of the bottoms were close together again showing counter trend strength....if you put a indicator it will show up as a loss of momentum and positive divergence the lot of the bars were overlapping showing counter trend strength.....this also flattens out the trend lines.... i have a way of drawing trend lines....i could be accused of 'fitting' them and i do, in a way....i draw them in a way, that it touches a maximum of bars. the reason is that i want to see the trend lines that the market likes to contact,more than be 'technically correct'........and if it likes to contact, it will contact the same trend line, at least, once more.
all you need to know in trading is counter trend strength.....not the bull shit that is spread over thousands of pages...that you have to pay for you see the same thing here on the chart below: sellers not making any headway new day same old stuff
what i described is just one way to label the market....it is not right and the others are not wrong....but i found it to be the simplest....
unfortunately morning i have to walk my dog.....plan to outsource that but it costs a great deal of money.....now i hope i will be able to afford that shortly than morning trades may be taken... morning trades most of the time are a little slow so i am not too bothered. i think mornings are used more as tester.....the market tests both sides to see what sort of opposition is waiting..... moving the market against opposition is not cost effective and so the market finds the line of least resistance,even if that is not logical according to the fundamentals or news declared
expect today to be the last active day before NFP. why? because most of the NFP positions are taken not later than Wednesday:if you take big positions on Thursday or Friday you could be accused of front running. so most of the front running is done earlier than that.
added 2 more lots...silly of me did not check the structure that was suggesting a test of the high:the 2 bar down move hit the support and the high was a small range/channel;and traders will see that as a pullback to buy and so may turn out to be a bull trap after a bear trap so all of this strongly suggested a test at least of the high.. will be lucky, if not stopped out....should remember not to be sloppy....that happens to me in the morning not yet tuned in
i do not mind a loss in the morning first trade,i almost wish it. it keeps you honest and reminds you that the markets are not a place to watch the scenery and joy walk