NQ1!, Short Covering Rally or False Breakdown?

The day ended with a bullish doji candle leaving everyone guessing what to expect next week. In the last analysis I expressed an idea that if the sellers push lower without spending much time balancing around lower edge we may see a false breakdown. The price traveled from the top of the consolidation area to the bottom and was exhausted already. Well, they did push lower. The NFP report released before the RTH opening pushed the price beyond the consolidation area. The price reached my support level a few minutes after the RTH opening which offered an objective long setup. I considered a better reward for longs. Traders who shorted the breakdown and the RTH opening got trapped during the session and had to cover fueling the upside move. No change from the existing structure perspective though. The sellers made an attempt to breakdown. Whether they succeed or not in the upcoming sessions remains to be see. My bias remains neutral.

03/08/2019