Quote from workwithus:
this is for gary.my review of some of the morning.previous day ended at ltl of up channel.globex overnite high 929.50 was not unexpected because i monitor support/resistance on the daily chart and the next major resistance i was watching was 929.50.globex low 912.00 was inside the up channel.market opens at 925.25 and first three bars form a lateral but i take notice the third bar breaks the high of the second bar by one tick and reverses closing near the bottom.i have noticed that many openings start one way for a few bars and then reverse especially on gap days so i am looking for this.entering on the third bar wmcn is irv and a break out of the lateral.the third bar is also an ibgs.plus the gap has provided a ve of the up channel ltl.the up channel rtl is in the 909 area.i like these odds but must have follow thru.i am not disappointed prv is very strong and i get strong irv on the fourth bar.now one of the things i like about this breakout is there is very little intrabar retraces and it closes at the bottom.i know that the previous day's high is 918.00 and assume it may provide some support for possible stalling or small retrace on low volume.
