Market opened inside yesterday’s range.
- Poor High from yesterday.
- Overnight inventory short.
- Re-enter weekly and monthly balances.
- Open inside yesterday’s range.
The initial level I was monitoring was yesterday’s high and low.
Short overnight inventory and yesterday’s poor high was in my mind. After opening close to yesterday’s halfback patience was in order as we could face chop trading first.
When we started trading higher and through the overnight halfback the overnight inventory came into play and yesterday’s poor high was on the radar. A long could be considered then. We repaired yesterday’s poor high in B and left another poor high in C.
The market rejected yesterday’s high and value was building higher but volume was low.
D confirmed an intraday prominent POC with four TPOs accross at the POC level putting back my initial trading range level of yesterday’s high and low (50.63 – 50.07) in focus. I just adjusted the high of the range to the overnight high at 50.68.
So my trading range became 50.68 – 50.07 and I was monitoring the POC migration.
The market did nothing for the rest of the day and was again dominated by weak hands as many weak sells and weak buys printed throughout the day and we left a poor high and a poor low on the extremes.
It was a low opportunity trading day. I think that the market was just consolidating and getting ready for tomorrow’s oil inventory release.
Don’t force anything. Patience and discipline are the keys to success in this market condition.
There is always another day !
We are now facing a 2-day balance.
Good trading !