For now, my idea still stands. Short term short trades are in the play. My 7100-ish short trade still ON. Targeting first 6600, then looking for 6000 and below with major momentum when the stops get triggered (red square). Liquidity gap can make the price spike very low, who knows how low. At that point, I will be a buyer with a short to medium term reversal in mind up to the long-term trend line (green square). The second part of this scenario is a bit of a long-shot but anyway.
I also have my stop in place for my short trade in case we turn around sooner than expected which is also a possibility. I suspect many people are expecting similar thing so this alone might turn around the price sooner because nobody want's to be left behind.
So...let's see what happens ;)
I also have my stop in place for my short trade in case we turn around sooner than expected which is also a possibility. I suspect many people are expecting similar thing so this alone might turn around the price sooner because nobody want's to be left behind.
So...let's see what happens ;)
Comment:
This is great momentum on the buy side. When market settles next, few days will probably have a good size correction.
Downside target is still not out of the picture completely.
Downside target is still not out of the picture completely.
I am pulling my stop to 7030 above the recent high. Will re-evaluate if stoped out and take a neutral stance.