A continuation of what we've been watching this week, we're back yesterdays support for the second time and we've seen a nice small pop.
The only thing that matters if looking for longs here is closing a 30m or 1h candle above the support that the little spike down just lost and then regained.
Looking for a pop up to the support lost from our move down this week with extremely sensitive stops because the bigger time frame is what matters, and we're in a daily distribution setup (double top) so we have to use our common sense and assume that momentum isn't as bullish as it was a couple weeks ago. Ideally, we will see a pop and it will fill out our larger setup for a down move so we can hop back into a nice big short at the high.
Warning: Trading against the trend is extremely high risk and usually is how people go broke. The trend is your friend
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Remember these arrows?
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We are stuck under this level and it's looking less and less likely for a pop. The trade is dead and closed if we lose this support.
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boooorrriiiinnnggg
Trade closed manually
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Happy Friday everyone!
I'm tired of playing around in the chop, and I also don't have much confidence in it gaining this level.
Trade closed, looking for the short re-rentry of the bigger move. Not rushing into it though, enjoy your weekend!
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For the record: Although I closed my long, I wouldn't want to be shorting here