28 Aug – Another TL with multiple failed breaks
28 August 2018
31 Aug – Selling continues and TLs get us in on the action
31 August 2018This was a great opportunity at the Futures open. The PA context here is really important: the H1 chart was showing weakness on both structure (LHs and LLs) and flow (MACD histogram), so getting short on a spike up at the open was a good idea.
And once this trade was in profit, the 3min 21 EMA easily capped prices to ride down 100pts to a major fib level.
The strength of this move came from the selling that came in below the TL. You can see that it break early and then the market pauses at the multiple KLs below the TL. This shows that although white space below w break, it is not necessarily that important.
