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Video Transcript:
Okay, big time bullish expansion day on the day. Let’s start from the daily chart here. So, coming into today, I was looking for how price was going to react around the POC today. We had a slight bullish pop yesterday that took out the POC but failed to close through it. So, we were looking at that prior week POC as our anchor today. That obviously held and pushed back up. Let’s take a peek at how that developed today. So, let’s flip to the hourly here. We’re coming out of bouncing and filling this daily gap down through here. Price, through the overnight yesterday, went sideways. We had a nice bullish pop and a slight pullback at that POC yesterday. Overnight kind of chopped through a little bit. There was an overnight dip during the London session that partially recovered, and then we just absolutely ripped right off the open here, right into that bearish daily gap to the upside from, I believe, last Monday. Then price paused, stalled out, and pulled back right to that POC, nearly to the tick, held, and bounced back for that extension during the afternoon session. That launch and afternoon session extension created that bullish day.
So, let’s take a peek at a couple of trades we had on the day. Here was the opening trade, or the opening session, that we had right here. We had price coming in fairly good off the open, really kind of lethargic bullishness here. Here’s that POC at 6951. Right here, this was an interesting candle. It was a failed breakdown candle right off this 8:45 candle. Price opened up really hard to the downside. We had some trapped sellers, trapped retail sellers here, that all got filled to the downside by a passive buyer, a really big block here. There was quite a bit traded through here. It actually wasn’t a block, but it was a lot, and it held VWAP and then rallied back to the upside. Here you had your market order, an institutional market order, right here on the way back up. This was a fail. I did not catch this one on the way up. It happened pretty quickly, and by the time I was able to actually process all of that, we were already all the way up here, and it would have been a chase for me at that point. So, I let all of this go off the open.
Then finally we come up here, we take out target one. Price oscillates around a little bit, and then we’re essentially maintaining some bullish flow here to the upside, which is good. I was looking at that as possibly trapping some folks up in here. We oscillated around a bit, and it looked like we might get a pullback here, but that ended up failing and getting eaten up. Then we had a slight pop to the upside that failed, came back down, and here comes the rug pull. Right through here, you have institutional sellers selling hard. This was an exhaustive move to the upside, and then we rotated back to the downside, trapping all of these late buyers up in here and ripping them back to the downside. We finally got a break of structure right here. Oh, I’m sorry, we broke the structure here and closed down here. I took the trade off the low of this candle and finally got filled right through here.
On the way down, this was just a reversion trade back to the mean, being that we were awfully bullish in all the context you could think of. So, I just played a quick reversion trade back to the mean here. Then we had a nice move. If you look at all these sell stacks on the way down, price came down here very hard. We had a sell stack here, and we had some up in here as well, but the main cluster was right through here. As price came down, we tagged that POC by about a point, maybe three or four ticks, and then bounced. Price finally came back through here and eviscerated all of these sell stacks. You can see right here it chopped around for a while at POC and VWAP. We didn’t know if we were going to get accelerated or not, but right through here, price came back down, retested VWAP, retested that overnight high right through here, and then we had another market order of aggressive institutional buyers right here on the thousand that popped price to the upside.
Hey everyone, it’s Dale here. I hope you enjoyed the video. If you like to trade alongside me and our team of prop firm funded traders every day, then click the link below the video and hop aboard. We’re looking forward to trading with you.
