/tf hits support overnight -- same level as 5 days ago - TO THE TICK
reverses overnight -- back up/THROUGH yesterday close - gap fill and beyond to green now.
testing Tuesday LOW again which should be a very powerful resistance area.
shorted 972.4 -- 13t stop -- at major resistance -- blowing thru... wow
and stopped. Paper trading failure.
rule #1: Can't trade premarket -- it can run too far on low vol. Character is different.
972.6 now briefly acting as SUPPORT -- premarket - anything can happen.
need a structure to work with...
two types of days: Range, Trend.
slx, iyr, iyt, jnk, xlf, rth green -- bounce day...
ad 1070 Squeeze -- going vertical. Everyone leaned too far.
internals getting stronger - no reason to think fade.
Rules: need 1 hour pattern minimum to begin a trend worth entering. Thus -- can't fade first breaks.
and 984.2 -- HOURLY TL HIT.
why? internals were insanely bullish and increasing.
xlf, jnk, xhb green at the start -- signalling underlying strength.
Clear trendline had developed over several hours premarket -- establishing clear buyers back in control.
No reason to second guess the market -- all trades are simply flo riders... until a stop. You don't know and today -- it was simply all up... just like yesterday was all trend down.... Pays to stay with trend.