Open Trades Wrong Directional Met With Accumulation
This morning really thought we would have that up day as the distribution yesterday could not close lower and the London session traded above term structure. We were also trading above the perimeter of the overall distribution of the past week.
Therefore off the open, we were in the hunt for POC support long trades. First trade at 57.77 took off like a bandit only to pull back to the protected stop at +1 Tick. The second trade from off POC support could not get off the ground and was a loss of -10 Ticks.
Took time to re-access and the market dropped through major support areas. Had to wait for the afternoon to look for probable accumulation and we traded the market back to term structure levels from 57.15 for a +1 Tick no follow through and the last trade at 57.12 for +15 Ticks. The market would blast off but would come right back from term structure. Price action was challenging today.
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