ON session retraces to POC level of yesterdays range.
FOMC minutes today at 7pm
Thanksgiving coming up so volume maybe lighter
Projections:
If price opens near POC which is likely, we could see a range bound day between yesterdays high and low.
Looking for price to support near 4530 or S1. Look for bounce around level.
More aggressive approach - look for support at 4539 touching the trend line
Plan:
Expect range bound day and look for reversal opportunities, Do Not Trade off or near POC! Only VA low or high's
Conclusions
Market rotated inside a tight range. FOMC had no bearing on price action.
Price hit the trend line but after hours and was not able to capitalise on the rejection.
Profile formed a tight range. Looked for breakout from top but always consolidated. This was predictable but still lost in the final 30 minutes with a long position.
Price needs to break 4555 in order for a further upside move
Traded off POC which I Planned not to do premarket.
Current P&L = $2700 - 100k combine
Base zone forming between 4545 - 4553. Look for this supply zone as support tomorrow
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