1hr BTCUSD - Trader Summary

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
318 1
Considering higher time frame bias, I am reluctant to play the long side at the moment. On the initial burst lower, Willy21 did register a 'stupid over sold' condition and the market did offer a long opportunity up into the 38.2% fib (our '1st stop' target). That trade is over and there seems to be little evidence from the indicators to suggest we have indeed turned. At this point, I shall use an anticipated 'dead-cat-bounce' up into the OTE short sweet spot area (850) to hunt for the next short setup. Having said that, should the indicators start to turn bullish , I am more than happy to consider longs in and around the 643 area but that long trade will need to take some time to develop.
What does OTE mean?
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