Yesterday there was not much good news to report as we continued to break down through multiple areas of support. I noted that the last line of defense for the bulls was $9,000 - $9,200 and it looks like that area help up...at least for now.
The next step will be rallying back above $9,500 and then turning that area into support. If we get rejected below $9,500 then we would form another lower high and lower low. That would be bad news for the bulls.
Unfortunately I made an egregious error last night that has cost me significantly. Before going to bed I went to re enter my stop loss at $8,749 and instead entered it as a sell order. That closed out my long right at the bottom. Now I am licking my wounds and trying not to beat myself up too bad. Mistakes happen.
If not in a position then I would be staying on the sidelines and awaiting further development. I am viewing the $8,800 - $9,500 as a no trade zone. If in a long then I would hang tight and see what happens at $9,500. It would be time to look for an exit if we cannot convincingly breakthrough that area and then turn it into support.
Conversely I am remaining bullish as long as we stay above $9,000. The climb up to $9,900 happened very fast and we were due for a healthy pullback. As long as support holds strong we should expect $10,000 very soon!
Happy trading and go bulls!
The next step will be rallying back above $9,500 and then turning that area into support. If we get rejected below $9,500 then we would form another lower high and lower low. That would be bad news for the bulls.
Unfortunately I made an egregious error last night that has cost me significantly. Before going to bed I went to re enter my stop loss at $8,749 and instead entered it as a sell order. That closed out my long right at the bottom. Now I am licking my wounds and trying not to beat myself up too bad. Mistakes happen.
If not in a position then I would be staying on the sidelines and awaiting further development. I am viewing the $8,800 - $9,500 as a no trade zone. If in a long then I would hang tight and see what happens at $9,500. It would be time to look for an exit if we cannot convincingly breakthrough that area and then turn it into support.
Conversely I am remaining bullish as long as we stay above $9,000. The climb up to $9,900 happened very fast and we were due for a healthy pullback. As long as support holds strong we should expect $10,000 very soon!
Happy trading and go bulls!
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