I have now closed my 4,100 shorts at 3,700. I am now long for a move into the 4,400 region, Bearish Bat.
A local bottom appears to be put in place in the 3,700 region for what some might consider a short-time-frame double-bottom. Since the trend is down I am only entering with half of my normal position size with the idea that this is a counter-trend-trade that could go against me. I'll look to open shorts at the top. This pattern is not yet confirmed until reaching point D so entering here is risky but the prior 4hr closed strong and support is holding "for now".
Stops Below Point C 3,670
Order cancelled
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I stepped out of this trade on the last push up for break-even and will look to re-enter if and when we take out the daily pivot. So far I'm not liking what I'm seeing with price action so I'm sitting this out for either a break below support or taking out that daily pivot.
Trade closed: target reached
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Cashed out of my long now waiting for bearish confirmation.
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If we keep ripping higher then 4700 is the absolute best R/R short because any push above that gets really bullish so the risk is low.
Otherwise I'm waiting as outlined above to short the bounce if 4300 doesn't hold.
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Target Hit.
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It's possible we reverse off 50fib but the inflection point should be just above the 618.
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Target hit. That's 3 profitable trades in 1 published chart.