(Will return into Over Night Session – up since 1AM PST- BBL)
We held the daily Channel uptrend today, which did not provide a great deal of comfort for long entries as the 2nd test was a lower low, 3042 vs 3038. This caused me to pause and not enter the long.
These can often simply be the Bot’s messing with your head, more often than not they are – they know the rules for 2nd tests and make them appear to be failed at times.
You don’t know until it proves itself as quite often Price can reverse at any level. We had a large squeeze off the lows and pivoted to the 3094 level quickly as shorts began to cover.
Volumes were troubling on the way down as it took less than 7k contracts to cause price to selloff dramatically. It was permitted, of that there is little doubt, which begs the question – what else is in store for Price.
At present it is well within the median uptrend.
NG has potential – should hit at least 3191… and possibly squeeze.
I have inserted the FIB range for the channel – these should be watched as they will issue clear warnings between these smaller timeframes the Algo’s attach to. We appear to be spreading the Channel – which is quite often, Not Bullish. Time will tell.
There is little distance to the highs for an overnight session to complete the stops runs.
After Sunday evenings premature “Suck It Bulls” the Shorts have once again been schooled in the art of “In Your Face” backfires. It’s a wash/rinse/repeat cycle of our nature – a disappointing one at that.
We remain an NG BULL, with higher targets above @ 3222 initially. There are many traders confusing timeframes – when in doubt ZOOM OUT.