Debriefing Monday 10th JOctober  and Today’s Journal

Debriefing Monday 10th JOctober and Today’s Journal

October 11, 2022 0 By The Balanced Trader

Links and News

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Need to know market risk @ FinancialJuice.com

  • BoE: The purchase of linkers will take effect from October 11th to October 14th.
  • BoE: We will be announcing a temporary pause to corporate bond sale operations this week.
  • US Treasury Secretary Yellen will step up efforts to advance Russia’s oil price cap.

Tuesday’s Data

Real Time Economic Calendar provided by Investing.com UK.
Monday’s Profile review
Mondays PA review
OPEN TEST DRIVE

Sunday and Monday’s EU session ETH session saw sellers take early control of the auction to probe down below Friday’s elevator liquidation move lows. Short traders Initiating at these lower prices were held at the prior week’s spike base 3617(noted in the weekly research). Late shorts and ( ON traders tend to be weak) were then squeezed higher into the open where we saw a late stop above Friday’s settlement 3651 to open at 3663.

The location of the opening trade was at the upper area of Friday’s Double Distribution Liquidation day. Buyers looking to regain some control of the ST auction would first need to pass the first major hurdle and trade and hold above the DD pivot 3666-3670 where the auction had left a series of singles. The open had the feel of a similar squeeze from the previous Monday ( where ON Trading had attempted to trade lower only to be squeezed back in range into the open resulting in a very aggressive short squeeze on no bad news is good news theme).

Anyway, 3663 Open saw us test up to 3665.5 before sellers began to push the auction to test the prior settlement. This was a key marker, and buyers failed to show up. Sellers took control of the auction from this point to push the price first back to Friday’s lows of 3632. An impulsive pushback up to retest the prior settlement 3651 then gave fuel for sellers to auction back down to 3632 and take the ON low of 3617 before a further push down to 3600.

At this point, sellers were in complete control until a driven reversal following a small reversal in bond yields and DXY forced shorts to cover. The PB never managed to take the key reference 3651 and only pushed as high as 3647. The auction remained in the balance until the close as the day’s energy fizzled out. We were left with a normal distribution day but significantly another RTH ISLAND where we see no overlapping value.

A move on either side tends to follow, ON in the ETH, this manifested as another move lower as BTFD guys liquidate lower through to reach a low of 3584. ON inventory is SHort and I would expect an adjustment into the open or on the open. Longs still trapped will be feeling the pain in the open

Normal Variation IB break to one side and Extension x2 of IB -Mid 3863

OTFD Daily Weekly Monthly weeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!

H: 3665.5 L: 3600  VPOC 3626 MID 3632 VWAP 3631 SETTLE: 3623

MONITORING: 3618 Y VAL and ON Singles |3666- 3670- Fridays DD Pivot  | 3587.5-ON Lows

ON SESSION  | Double Distribution

ON H: 3636 ON L: 3584 ON POC 3625 Singles 3618

MONITORING: 3636 ON Hi  |3618 Singles | Gap ?|

Update and Monday’s Plan

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0830CT

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Notable tweets

Quote Of the Day

“A man cannot be convinced against his own convictions, but he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort.”
― Jesse Livermore,

Trade Well And Prosper.

BT