I did not get any strong feelings for an entry this morning.
I would like the lesson to be that it is OK not to trade. I am starting to appreciate observing the market without taking action. The chart is a reflection of many people taking action on many different time frames. Observing a chart without taking action is like sitting at a cafe on a busy street corner, enjoying a latte, without an agenda and watching people go about there business...people watching.
The chart show news events at 11 and 11:30 AM. The 11:30 inflation report instilled a strong immediate reaction, a pause and a continuation. I could see how traders wanted to join the immediate reaction then the market retraced and paused as uncertain traders bailed on their initial reaction. Moments like this show the difference between the pros and the amateurs.
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