Price action today was not easy to understand at first. The session started with one leg down and one leg up, looking like it might turn into another range day. But the second leg down broke below the previous swing low and formed a much larger move, reaching all the way to the measured move of the range. I didn’t find a good way to get in.

Prices then bounced off the measured move and moved back up to test the breakout area. I was watching for a possible setup around the earlier support, but nothing clean formed. The market reversed sharply down again, testing the lows of the bigger leg, and once again, there was no setup I felt comfortable entering since there were a lot of upper wicks on the bars. Prices tested the previous day’s low and then reversed up strongly. Unfortunately, there wasn’t a clear MTR to take, and from there, the market started an uptrend that lasted through the rest of the session — again, no entry for me.

Not an easy day for me to read, but the structure was there. Looking back, I probably could have taken the reversal even though the setup wasn’t perfect — context supported it.