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Swing Trader’s Insight August 12- Breakout Buy in T Bonds

Stock index futures and the Treasury Bonds all had breakout setups for today. Bonds also had a Taylor Trading (TT) Buy day setup so the combination of patterns told us to anticipate a good sized rally if it could get started.

In the morning comments for Swing Trader’s Insight, my comment for the September T Bonds was to look to buy on a Rally above the Friday high of 162-14. The TT told us to look to go long and the breakout setup told us to use the Friday high as the trigger level for a long entry. This move would be our proof that an upside breakout was likely starting.

We got the first long triggered around 8:25 AM CT, and the market traded sideways for about an hour, when the rally really took off. Our initial stop loss for the trade could go below the 162-03 low. The market trended higher over the session, making higher highs and higher lows over the day, culminating in a session high of 163-21 around 2:40 PM.

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