Wrong Place, Wrong Time - Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEST)







The XJO made an attempt to recover some of the lost ground on Tuesday, and managed to close just above the breakdown line @5453.1

Volume (value traded) increased to above average, and spread narrowed somewhat (back to about normal).  
The close was high.
Price initially dipped below the low of Mondays bar, but recovered and closed higher on above average volume, which suggests that the supply coming in was bought, & positions were taken.  Unlike a normal two bar reversal (where the buying is mostly done on the initial higher volume down bar, and then the upbar which follows, easily pops up within a supply vacuum on low volume), selling was still present early on Tuesday.
This might mean price that price needs to revisit Tuesdays lows to retest it for supply, possibly over a few days.  
Alternatively, it may be that Monday and Tuesdays bars together form the initial downbar of a reversal.......we'll see.........

And opposing all that, if things do not turn out well, those positions taken will most likely be dumped quickly, forming another widespread downbar, confirming the breakdown and beginning a new leg lower.



















Good Trading and Investing

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