There was some indecision about how low was low enough. But, in the end, TPTB didn’t let us down. From yesterday morning’s Stopping the Bleeding:
When ES, which has already reached its SMA200, starts popping strongly, we should have our indication. At that point, CL and USDJPY should be strong candidates for long positions… I see this morning as another Feb 11 — where CL and USDJPY will be instrumental in forcing a turnaround once the SMA200 and/or yellow channel top are reached.
USDJPY started ramping first thing yesterday morning, and didn’t stop until after the “markets” closed, when it reset so it could do it all over again. Net gains so far: 112 pips, about 1%.And, CL popped at precisely 2:25 PM, and has since settled into the kind of channel that algos love. Unfortunately, it has led CL straight to a channel midline that could prove problematic. Net gains so far: 4.3%.
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