Support After Positive Breakout Failure
Identified prior level from yesterday’s post inventory trade along with prior term structure as a major level of support. A-period broke overnight lows with no conviction and B-period the same. Buyers stepped in at the sell line gap and took the upper hand in a reversal above 57.80. Hesitation below todays term structure with the combination of low participation and trading volume I decided to exit the trade at +20 Ticks based on the assumption that the market didn’t have the strength to continue. I was wrong as the trade went to the full target of 50 ticks at 58.27.
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