-Technically the MKT is on edge and flirting with a
release. The MKT has produced a big
negative signal and any positive corrective action is expected to be
short-lived. Any held strength is a sign
that the trade will turn digestive.
-On the SELL side accept FADE, REVERSAL and BREAKOUT
strategies below the previous session’s high point. DIR and DP BREAKOUT may need to be “worked”
as the MKT is on edge and will be emotional, producing some starts and stops
before it drops.
-On the BUY side avoid REVERSAL strategies off major support
levels as these signals are more likely short squeeze rallies. BREAKOUT strategies above the previous
session high are a long shot, so risk less and go for more. Any DIR or DP FADE should have confirmation
and is not recommended if the integrity of the previous session high is intact.
Today's PRICE MAP Performance for BOBL
- Today was a great day for our traders in the EURO BOBL market as the market performed to expectations in the BEAR TREND ACCELERATION market state. In a market state such as the one we had today, with the R Level above the Critical Range, traders should look to get short the market aggressively from major inflection points below the R Level. The market found support on two separate occasions during the overnight session, then, at 7:00 AM, gave us a SELL DIR BREAKOUT strategy. This trade turned profitable immediately, as the market sold off sharply, taking out the DP, eventually finding support at the DT1, where profits could have been realized. By identifying the signature state of the market along with the Sentiment Bias for the session, JS Traders were able to capitalize on the strong sell-off in the EURO BOBL.
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