By now we all know the usual routine: two or three (or more) trading sessions per week are dead-chop congestion, and the remaining two or three (or less) are straight-line directional. That’s the current modus as we near the end of ultra-low volatility and approach the next period of sustained higher volatility ahead.
Crude oil formed a broadening “megaphone” pattern thru the first part of its session, only to find bottom and bleed upwards from there into the close. It was a rather low-energy affair… one of those creeping rallies that never looks like much until you look back in hindsight.
ES formed a narrowing wedge in the same no-energy manner to start the session. At about the same time today, it reversed off lows and pushed straight up inside two distinct program spikes.
… and likewise TF. All financial symbols were mirror images yesterday. Nor was yesterday any different than most any other day. Same routine: if you positioned yourself properly ahead of the directional move(s) then you made money. If you did not, you did not make money. All depends on your method and your personal application of said method in the market, in real time.
For more daily updates from Austin, visit his blog at Coiled Markets.