Lefty Louie Looks Left
Today’s battle zone was defined in our chat room and the odds played out for the trade dynamics as we defined them
There were two primary drivers, and both worked.
The Train north got derailed on cue, and the one tic higher high tested the first hour high resistance and trapped the turtles. It was test the 00, the 98.5, the 97, and then the 96.25 PP right before lunch.
Still available was the 1093.75, which we considered as today’s support.
The lunch bounce materialized, and we felt the middle shorts were being set up, thinking it was their turn to be squeezed in the range.
Late Friday is not amateur hour, so most conservative traders are better on the sidelines as the Big Boyz square up their positions.
Ceegah battle was for 02.75, our expected close.
That’s why we advised “all shorts off by 00 other than trailers at the EOD.” We saw the 04 resistance as profit taking from the day traders going home with whatever they could keep.
@Hamzei Analytics had a great trade for the longs and just ran out of time I think.
Rollover continued today, and it was as we expected, relatively mild and orderly.
Note the support on the bigger time frames, that’s why we said to shorts “don’t get too excited.”