https://www.tradingview.com/x/jkwnW6SD/
10/12 was a nontrend trading day. Price never left the IB. The IB was very narrow and consisted only of the first A period. The day’s range was only 65 points which is equivalent to the prior night’s range. Directional conviction was very poor as price kept trading through the opening price up until the end of the day. This day requires patience. An early entrance does not make sense.
3 minute chart:
There was no range extension all day. This is very usual behavior ahead of major news releases. Tomorrow new inflation numbers are to be released as well as new jobless claims. Today is Columbus day, a holiday but markets are open.
Due to the non-conviction, it is difficult to put on a successful trade. On the other end, due to the limited range, it is possible to set up trades at the bracket’s extremes with the extremes acting as stops.
The merged TPO profile provides another visual. The POC is at the wide point 3603.85. The profile is extremely fat with 13 TPOs!!
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