Exited a short trade I put on in the 8200 range in the 7900's for some lackluster profit.
My reason for doing so was (given the higher lows) I expected this recent bullish impulse and now I expect it to go further before (again) being absorbed by the bears.
I do not usually go against my longer time frame bias but I am today because it seems high probability that we make another impulse up towards the 8400 - 8600 zone that could (given high buy volume) reach higher and even result in a reversal.
I don't expect a reversal though, rather I expect a decent but relatively weak bullish impulse that is reversed at the 8500 range, completing a head and shoulder pattern that could potentially break down impulsively below 7700 but no telling yet, we will see when we get there.
regardless this 2nd leg looks promising has good risk/reward and could result in a nice 3%
gain, so let's do it.
My reason for doing so was (given the higher lows) I expected this recent bullish impulse and now I expect it to go further before (again) being absorbed by the bears.
I do not usually go against my longer time frame bias but I am today because it seems high probability that we make another impulse up towards the 8400 - 8600 zone that could (given high buy volume) reach higher and even result in a reversal.
I don't expect a reversal though, rather I expect a decent but relatively weak bullish impulse that is reversed at the 8500 range, completing a head and shoulder pattern that could potentially break down impulsively below 7700 but no telling yet, we will see when we get there.
regardless this 2nd leg looks promising has good risk/reward and could result in a nice 3%
gain, so let's do it.
Comment:
Looks like this is unlikely given recent price moves
