I had a long standing buy at 275.5 USD. It was hit very nicely but when the volume and the "panic" was not there, I felt like an reversal was not an option. It feels like we're going down even more. So I closed my long when the price bounced at MA 20 and then opened a short there. My target is 250, will close a few dollars above. Historical resistance levels are 260 and 230. Depending on the level of panic, I might close half my position and continue down to 230 before closing all.
Look how nicely the MA 20 acts as an resistance here. When MA 20 is broken to the upside, I will consider closing my short as well. We have to move through a cluster of resistances now but there's no big buy volume so it might be possible.
Look how nicely the MA 20 acts as an resistance here. When MA 20 is broken to the upside, I will consider closing my short as well. We have to move through a cluster of resistances now but there's no big buy volume so it might be possible.