Roll, No Rock
That was our plan.
Above 36 open favored bulls, and the gently higher lows deceptively squeeze traders until logical targets are hit.
I thought I recognized the squeeze pattern, and was correct for the long side bump stop attempt.
Range trade was the dominant thought, with no clear edge other than we wouldn’t repeat yesterday morning’s play.
I don’t believe I can remember a rollover day with a range this small. Position Traders didn’t seem to have interest in doing much in this area ahead of Friday’s reports.
This is a thinking man’s game, and usually we can build a case for either side, weighing the pros and cons.
Longs today were still working off overbought conditions, and shorts seemed to lack the will to make meaningful defense in day eight of a melt up from the big blue line.
Rollover is a pain, but if we do our homework, we don’t need to “add or subtract 4.75”. We look at the chart, set up the system, and ready to go.
“36 aggressive support, looking to bump stops.” Stops were never bumped; 2 tics higher is not a stop run.
The lunch contra was a beauty, stalling and back pedaling in this contrived, manipulated market.
Day’s like this are hard to trade, so when logical targets are hit we cannot overstay.
I suggested to traders to save their powder and mental capital for another day.
Light volume in the June contract, so some traders looked for other markets that were moving or scalp only.
The Angels and Demons suggested “up” this morning, and at this level we thought it best to think of a marginal high, not the breakout type.
Tedious, difficult environment.
IB db supported at 36
My thoughts and yours…
“Thanks all for posts on #EMWS today.”