Still anticipating a melt lower before a continuation higher. Market sentiment is bullish since highs are being broken. this could be a retracement lower for a continuation. so I advise caution. As usual, secure positions, partial, and manage risk. Annotations and partials made in the chart
if I'm wrong, ill manage risk, secure positions, and re-assess my idea
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Profit target 1 achieved taken scaled out
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Pre-NY session, we could have retracements higher. Secure positions
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Trailed stops to breakeven
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Scaled out, minimized risk and maintained breakeven stops
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Would you buy a retest higher or short for a continuation lower? Those are the odds at the Previous Day's High level 50/50 depending on how you want to position yourself. Remember when in doubt, do nothing, and don't push your luck.
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The gap has the potential to hold, it may not be filled. Anticipating collapsing all positions in the next hour. Looking for long ideas
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collapsed most positions
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if short, secure and partial positions
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price dropped into the area of interest despite the uncertainity
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You might be tempted to go short after the breakout lower. That's something I'd avoid doing unless you can take a micro-scalp in and out.
Trade closed manually
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Collapsed all positions
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Comment: Easy profit target achieved, if still in, remember to scale out. I collapsed most positions before most targets were hit. Approaching London open, as always, secure positions
I think you got the right idea here bud. I too think the same. It can’t just up and go from here without looking back.
Quantum_Labs
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@priitzzy, I agree. Remember we are still bullish. switch to the 4H and observe how we attack the Prev. Day's High. I'm betting that anyone who bought at or above the high will have their stops right there. Now it's possible the price may drop lower to bring the heat on any buyer at that level before we continue higher.
priitzzy
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@Maximum_Alpaca-, yep exactly. You have a follower in me now. Hoping to see more good stuff like this. Thanks for the chart and your ideas 👍🏽
Quantum_Labs
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@priitzzy, appreciate it. I'll make an effort to make more