Price clawed its way back to value before closing out the cash session. There’s certainly indecision present. Here’s more shorthand on what happened:
Major new highs overnight
Large opening swing
Sellers assert tape dominance
Price craters through the entire Friday range
Intraday shorts start working
Shorts get faded
Price pushes back up to value
Value settles lower than Friday
Big outside bar is formed
There was no clear winner, but I don’t like this Yen strength. If it continues, we’re operating in a different environment than we’ve seen thus far this year. Lots of charts are extended, like today’s winner AWAY.
Don’t chase risk. Our job as traders, especially at this juncture, is to take as little risk as possible. Tighten up that risk. Get it tight, get it right.
Warm Regards,Comments »