We ended the week with an inside and down candle and we sit on a short-term trend-line support.
With a trend-day down yesterday, we needed to keep a watch on how price reacts to both the previous day's low (PDL), the open, and the high's of the last hour of trading (LHH).
We could have anticipated a choppy beginning so it's important not to have any knee-jerk reactions. Our gap down sold right into the PDL on mediocre TICK. We snapped back up until price began to test the last hour's highs on fading TICK, bringing price lower.
The low of the day registered a momentum buy divergence, eventually closing right on top of
my support pivot.
With a trend-day down yesterday, we needed to keep a watch on how price reacts to both the previous day's low (PDL), the open, and the high's of the last hour of trading (LHH).
We could have anticipated a choppy beginning so it's important not to have any knee-jerk reactions. Our gap down sold right into the PDL on mediocre TICK. We snapped back up until price began to test the last hour's highs on fading TICK, bringing price lower.
The low of the day registered a momentum buy divergence, eventually closing right on top of my support pivot.
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