When market spikes at open , generally two things can happen. 1. Trend will continue as a channel move 2.Price will reverse and the spike will act as a range.Today the price broke PDH and I was expecting a PB to the BO point.and was a little late to enter.In a Channel move do not expect a fast move and book profit if you can get a reasonable profit. BOF of PDH gave another long trade.
Compare the chart with the price action of 27-04.Then price spiked into a resistance and the new zone was rejecting. Today spiked well above a resistance and price gets accepted at the new zone
I was watching that last three days the first 5 minute candle has always given spike and price never really broke out above that initial high. Your post has given me an understanding how price behaves when there is a initial spike..thanks
ReplyDeleteKranti
ReplyDeleteThanks for the comment
Could you short the BOF of the spike high today ? It happened just 15 minutes before you made the comment.
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