A confluence of high value node and 61.8% retracement and a China news sparked a parabolic move to upside. This is typical for Algos rushing to get on board. If a trader did not catch the move it is better to wait and see where the price gets exhausted and forms a fake out. It is easy to spot on lower timeframes. Knowing that shorting is risky against such a strong move one need to be patient.
The session ended at the support. It remains to be seen whether this move has more legs or we see the price drifting down into previous balance. Area of 7740 is the session point of control. A directional move out of that area would set a short term bias.
8/13/2019
The session ended at the support. It remains to be seen whether this move has more legs or we see the price drifting down into previous balance. Area of 7740 is the session point of control. A directional move out of that area would set a short term bias.
8/13/2019