Jan 182013

With only the 9:55am EST Consumer Confidence report and a few corporate earnings reports pre-market, I posted in chat that I expected today to be low volatility.  The chat posted day frame was tight with 72.25 on the low side.  It took most of the morning, but price finally tested the low frame and the DTG 69 level.  The retest of the low turned into a head fake bottom and enough institutional buyers defended the 71 area to overtake the sellers and creating a potential head fake mouse trap below the previous low of the day.  I wanted a cleaner opportunity but before price unfolded without another retest of the low, a family emergency ended my trading day.  Since I didn’t mention in chat the potential head fake bottom, and did not watch how price unfolded from 71 area, and there was not clear order flow on the chart, I don’t know whether or not I would have caught a long trade from the low frame and DTG 69 level.  Thus, I’m not posting an example trade today.

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