20% POC Level Break Downside In Crude
Today looked like a mirror of Friday how it reversed the prior distribution at the open. It just moved to quickly to get onboard. It bounced at the 57.33 term structure level which became the 20% POC level which later proved to be a great support which eventually led a big move when it broke to the downside.
The first trade was at the pullback at the 57.60 area at 57.54 which had a nice drop but could not break the prior support of the 20% area. The stop was placed at protection when the bounce became evident for +1 Tick. The second trade was actually long at 57.59 with evident lower rejection and the profile looked to be time framing up which a break of the absorption point 57.65 would have become a potential break out area for a very nice trade. 57.65 was held over time and surprise was no longer a factor. Supply entered the market on a 20% shift and the stop was hit for a -15 Ticks.
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