17/01/05 THURSDAY 08:59+1GMT
EARLY MORNING REPORT
So as written yesterday we had good odds to see the new GB session outside in some direction from yesterday GB inside session. And here we are above it. Now, if price will remain around here untill open we will have a substantial gap upside from yesterday GB session range high at 2290. If this gap will be preserved we could aim higher, if retraced (quickly) we could see a complete reversal of yesterday GB session and eventually test down to 22465 (GB 01.03 low). Note that below that we still have the double pass GB gap down to 2193.
Anyway consider that the context is: monthly balance, weekly mid term one timeframing trend lower, daily balance and finally the very short term trend up: so do not forget the context.
If we come down the main important refs are still the two biggest composite pocs at 2285 and 2233.
Note that current Tokyo high is exactly at pit weekly balance low 23623 (pit 11.23 low)
Finally note that Tokyo liquidate completely itself in this last period: so the long inventories made by Tokyo tonight are already corrected.
Remember what we wrote yesterday about balance: are we inside balance or out side balance? what about your expectations if price is outside balance? When you generally have to act when outside balance? Earlier or later?
Have a nice trading day.
EARLY MORNING REPORT
So as written yesterday we had good odds to see the new GB session outside in some direction from yesterday GB inside session. And here we are above it. Now, if price will remain around here untill open we will have a substantial gap upside from yesterday GB session range high at 2290. If this gap will be preserved we could aim higher, if retraced (quickly) we could see a complete reversal of yesterday GB session and eventually test down to 22465 (GB 01.03 low). Note that below that we still have the double pass GB gap down to 2193.
Anyway consider that the context is: monthly balance, weekly mid term one timeframing trend lower, daily balance and finally the very short term trend up: so do not forget the context.
If we come down the main important refs are still the two biggest composite pocs at 2285 and 2233.
Note that current Tokyo high is exactly at pit weekly balance low 23623 (pit 11.23 low)
Finally note that Tokyo liquidate completely itself in this last period: so the long inventories made by Tokyo tonight are already corrected.
Remember what we wrote yesterday about balance: are we inside balance or out side balance? what about your expectations if price is outside balance? When you generally have to act when outside balance? Earlier or later?
Have a nice trading day.
Ubi maior minor cessat