After the huge gap down open, today’s move was sideways range trading until the nasty late day plunge that squeezed the early longs out, then squeezed the late shorts who didn’t recognize the EOD trade.
What a game.
The Boys took away 35 points of travel range overnight, leaving the shorts worried about shorting too low all day long.
Notice the stopping volume on the plunger, with the V bottom reversal using the 65 as likely support and bouncing 35 points in 20 minutes.
Don’t mind me, always easier to see in hindsight.
But as I like to say, if you can’t see it after the fact, you will never learn to see it while it’s happening.
If a contra trade has not occurred at it’s normal time, then you can usually expect a late contra. Trend traders can stand aside or play a few chips on the reversal if you have had a good day.
Illuminati traders had an outstanding day, draining everything out of this trade.
Forget the news and trade the set-ups;“grail like a snail until you fail”.