I have rarely seen such a late intraday reversal, especially when the market was not that oversold. It does happen when the market gets stretched to the downside over several days, but the previous day was up 1%. It was another piece of price action that tells me the trading is getting more shark-infested.
But usually the day after such reversals tend to have a high probability pattern which I will play today. Usually, you get follow through momentum in the 1st half of the day, which fades in the 2nd half and closes weak. I will be looking to buy early weakness down to 1097-1098 area, and will be selling 1st half strength to around 1108-1109.
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2 comments:
And I thought today is going to be a boring day :)
Nice call Owl
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