TheStrategyLab.com Price Action Trading Support Forum

This is a Continuation #2 from chapter #2. I had trouble finding one. Lots of little things would disqualify them from being an official #2 cont it seems. Not sure if Im not seeing them or if they just don't happen that often. This one is on SPY 5 min.
Price is lower all day and vol is contracting. at 1pm there is a 3 year note auction the day before fed Yellen speaks. There is a WRBHG next bar. A period of 3 contracting intervals then another WRBHG down breaking lower then all the previoud range. IN this case I used the first WRBHG as the zone since it happened right after news release. I wouldnt normally attribute the 3 year note auction to much movement but maybe the day before the fed speaks it has more impact.