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The plan for Friday was to play what I like to call an “Inception Box.” While not every inside day forms this setup, this one did because of the key structural locations at which Wednesday and Thursday’s range sat. The idea is that each day’s RTH range is its own box. The Wednesday range of course ultimately matters most, but the Thursday range can be used to navigate into a trade execution. The explanation can seem a bit thick but it is really rather straightforward.
The bottom line is the far right green arrow from the above picture triggered the trade as a LBAF of Thursday’s RTH low. Thursday’s high was cracked, Wednesday’s high was tested, Thursday’s high held from above, and then the full move through Wednesday’s high was lit. Notice that all of this was well developed before JPOW started speaking.
In addition to the usual day trade plan I am including some additional color on my broader positioning and how I plan to adjust that this week in response to a bit of a warning sign that is highly reminiscent of July 2024.
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