We are in a sideward movement at moment but facing a sufficient resistance to allow a corrective move. The resistance goes back until March 2022, had been tested 6 times. The more we had opened a window on September 19th which has been closed on 11th January just now. This resistance is as well supported by the top of the Donchian channel. I think that a short position within the channel is justified.
Trade closed: stop reached
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Trade active
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I am short once again now for a short time. We have reached an important resistance now. It is the Fibonacci retracement of the previous long rise and upper line of the medium term downward band. Thus a correction seems to be due the more that the momentum is declining now.
Comment
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Not to forget that the daily September window has been closed today.