Today was the release of a better than expected CPI number at 5:30 am, one hour before open. The OPEN was at 3894.25. In comparison, settlement yesterday was at 3755.50. The IB for today is already pretty wide, with 48.75 points!
The overnight range was 143.50!
So far we have been having a very strong morning with three range extensions to the upside in B, C, D and E period so far! Initially, price went down to a low of 3870.75, but the gap was not closed. 3825.75 is the gap low. POC is at 3909.25! Now, at 10, POC dropped to 3905.75.
A picture-perfect day. Almost made it to the 50% retracement at 10 am and then took off. Small 30 min triangle setup at noon with a breakout to the upside and a strong finish with settlement at 3961!
Triangle close-up.
I entered a long as price left the triangle (manually) at 11:52. I was still undecided if price would continue to the upside or reverse at value area high. In the end, price took off. I adjusted my stop loss too short and got kicked out in the next candle. Coincidently, the same candle I got kicked out, there was a stacked imbalance that was in favor of my trade direction. Silly mistake made out of fear. I entered one more long in the same candle but got kicked out, then entered a short that I also got kicked out of. Watch the last video for a recap.
Trade recap last trade (triangle breakout, 11:52am):
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