Opened significantly up (just above BRN 1600) against the PDC , however within the previous day range...
2) 2 nd candle was a TST- PDH.. it receded ...possible short ... but intraday range is not there yet ..
3) Thought it was a BO-IRH... but got trapped , SL hit..
4) Major part of the day it was a BW around PDH and there was a BO-IRH... trigger for Long with the candle bottom as SL... SL got hit...
It was a LOSS day ...
Observation:
5) This area is BRN 1600 in spot....with 2 DP's (PDH, IRH) so near & above , its a low risk reward trade... which I would not recommend... but it turned out to be a good one ...
This the 2nd day after a huge RED day on 09/feb. It has to be read in that context....
The big picture is : it came down heavily from 1700... price got rejected below 1600... High probable that it will test 1650 -1700 again as this is the budget month ...
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