let's review today.
The market closed high in its range on Friday. But the market gapped down big this morning. Despite the large gap down, we did not have a 'low violation'. The market traded UP off of the opening price and spent a long-time above the opening price.
There was a low violation later in the day. This low violation is not a
Taylor type of buy because a Tayor 'low violation' should come in the morning.
Note that the day was just not THAT bearish relative to opening price and relative to intraday
VWAP.
The market did end up trading 'low to high' after 2 high to low days. Personally, I made 1 trade today and then couldn't find another good entry. Very tricky 'structure' and I am sure today tore up a lot of traders. Patience and discipline.
by the way, this is something I have noticed:
the market will spend most days chopping sideways in the middle of the day. my rule of thumb is to NOT expect trending price action until AT LEAST 40,000 contracts have traded at a single price. If less than 40k have traded at a single price -- as they did today before the move back UP into the range --- then don't expect a move to carry. Once 40,000+ contracts have traded at a single price, then that is a signal that a 'trend' could develop. It's like the market MUST chop enough people up each day in the middle of the day before it can really move. If it starts before that, it is likely a fake.
Just something I have noticed to watch for.