Pig Day - Tuesday

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Good Morning and Welcome to the XJO Tuesday Thread

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News for Today (AEDST)





The XJO closed marginally higher on Monday
Spread narrowed slightly, volume was above average & very high for a Monday, and the close was poor.
Price made some ground higher during the early session, however all of those gains were pretty much lost by the close of trade.
The higher probability after a bar like this, is that price has upthrusted the lows of the old trading range on Monday,and in turn price will fail.
However there is a chance that cannot be ignored, that a bar like this can sometimes be an absorption bar (although usually found in an uptrend, but often with high'ish volume like Monday), & following it price then accelerates higher with ease (this is because most of the supply was bought the day before, leaving an unexpected but temporary, lack of selling pressure within the range of the previous bar).
It shouldn't take to long after the open today, for the intention behind Mondays bar to be known.......within the first hour for sure I reckon......








Good Trading and Investing

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