Is this a good example of a momentum burst set up?
The price has made a 4% move today where I have made the buy.
The preceding 3 days have been small range days and in all 3 sessions the market closed below the open i.e. down days.
There has been an orderly consolidation with price moving sideways after an impulse move from 17.90s area.
Today's move is the first move outside of the consolidation.
Expectation: today is the first range expansion day of the momentum impulse move. Expectation is for 3-5 day follow up and an 8-20% move.
To monitor and see how the trade unfolds.
The price has made a 4% move today where I have made the buy.
The preceding 3 days have been small range days and in all 3 sessions the market closed below the open i.e. down days.
There has been an orderly consolidation with price moving sideways after an impulse move from 17.90s area.
Today's move is the first move outside of the consolidation.
Expectation: today is the first range expansion day of the momentum impulse move. Expectation is for 3-5 day follow up and an 8-20% move.
To monitor and see how the trade unfolds.