Disliked...let's see what could happen during upcoming gb session: Above we have weak references at: 31855 (inside sesssion hb for period m30 F) 3193 period E tagged the gb session open. D tagged the lowest gb low for June at 3214 32165 yesterday poor high for gb session. Below I see nothing for gb session but its low at 3137 that is a normal one. Note that we are now right inside yesterday gb session range/value. So if price remain here we could expect initial acceptation...Ignored
- gb opened, went up and took out the first 2 references 31855 and 3193, starting to balance exactly inside yesterday gb initial balance (first 2 m30 periods of any session) meaning early acceptation of the core of yesterday range.
- then went down, quickly testing yesterday open at 3193 and today open at 3181, stopped for a while at Tokyo cluster at 3171, then, when C period (third period of the session) was not able to stay below B period (low of the current initial gb balance) it went up again and stopped exactly at the half back (dynamic mid term price of the session) that at the time coincided with the yesterday gb open price 3193.
- from there (then a very weak reference) and leaving above an other weak reference at today open 3181, price went down again only to stall again at the composite cluster 3171 .
- Immediately after that stalemate D period went up and took out the weak ref at 3181 it was leaving behind and stall again at today half back/yesterday open 3193 that now became extremely weak.
- From there D period went down an other time and formed a poor low at the same cluster level 3171 that now became extraordinary weak.
- Then after some resistance D managed to go through 3171 removing it from the scene.
- After that period D stopped at round number 3150 and E period starting from there (so a weak reference and now a poor low made by D and E period lows) went up to close the empty space between B period low (initial balance low) and the current D activity to the downside.
- The fact that E period was able to close the empty space was very important because it avoided the formation of two separate distributions in the gb session and with that, avoiding an immediate possibility for continuation downside.
- After that, E was inside period of D and then F could attempt a breakout from it.
- Infact F broke upwards, went up, stopped again 2 pips below today open 3181 leaving the possible pleasure to take it out to subsequent G period.
- G period instead, leaving behind itself that weak ref. at 3181, retraced a bit before to went down furiously retaking all the E period balance and eventually tagging again the weak/poor low at 3150.
- even H bounced at 3150 as D, E and G already did, making this level extraordinary weak. And it went up stalling again at the notorious 3181.
- I period followed the example of H period tagging exactly (at the pip) 3181 making it the weakest of the weakest.
- Finally J period didn't manage to remove 3181, tagging it too, nor to retrace back, taking out that very bad 3150 with a spike.
- All this happened inside yesterday gb range during 10/10 periods of today gb activity, meaning, as supposed, even more than initial acceptation of yesterday range 3137-32165:
As a comment for this chronicle let me say that this environment has been totally controlled by weak hands. And that this is not the genre of market I'm able to trade: it is to weak and too dangerous for me.
How do I skip a market like this? How could someone prevent or predict this development?
First of all knowing where the session starts: is the open inside or outside previous range?
Is outside or inside previous session value?
- If in both cases it is inside, then a natural expectation is to see at least initial acceptation of the previous range and value.
Secondly, how does the session start?
With conviction or without conviction?
And how can someone mesure the conviction of a price action?
Well, there are a lot of things to look for but one of the main is about price action and open price relationship:
Is price able to move quickly from open without staying around it for too much time?
Is price going up and down open many times during the first periods of the session?
- If a session opened and then you see 4 periods up and down open, there is no conviction, clearly.
Third: how many time the session employs to test the standard references of previous sessions? Which are the standard references?
A session generally want to now what can happen below and above previous sessions important references: overnight session high and low, previous session high and low, etc. Now, if the session employs to much time to test those references there is no conviction.
- So, what about conviction in a session that took 10 period of 10 in order to test overnight high or/and low, without even reach them? There is no conviction clearly.
