So as expected we dropped into the 5s. Levels i'm looking at:
573x
559x
545x
These lower levels are where it becomes dangerous to short IMO. At some point we are going to bounce, and we are definitely getting close. That bounce, will in all likelihood be like the previous ones and it'll be a massive buy order which will just eat up the order book.
I'd like to think mid-5s is the danger point. So I'm going to ride this down a little further, then depending on PA I might even stop all trading in that 5.5 to 5.6 range.
The other argument to be cognisant of is a bounce here. I'm dubious about this though, as i'd think we see a bigger bounce. A 50-100 buck up move is hardly a bounce to change anything. A few hundred at least and then perhaps we could take it more seriously.
573x
559x
545x
These lower levels are where it becomes dangerous to short IMO. At some point we are going to bounce, and we are definitely getting close. That bounce, will in all likelihood be like the previous ones and it'll be a massive buy order which will just eat up the order book.
I'd like to think mid-5s is the danger point. So I'm going to ride this down a little further, then depending on PA I might even stop all trading in that 5.5 to 5.6 range.
The other argument to be cognisant of is a bounce here. I'm dubious about this though, as i'd think we see a bigger bounce. A 50-100 buck up move is hardly a bounce to change anything. A few hundred at least and then perhaps we could take it more seriously.