The zone is still at play here, a major high and also major high from waaay back on weekly. We're also at London open which means a big move could be in play - usually though, the London Fakey. Get everyone thinking one way, then suck up all the orders for your own big run the opposite way.
So for this scenario, I wait for it to push past. I wait for it to hesitate and I sell into it with a tight stop. The play here is to get in on the rush as overeager breakout players get in thinking it is going to run to the moon and get smacked in the mouth. Of course that could be me too if it is the stop hunt scenario or drive higher (which is really just a hunt for liquidity to fill orders), but I don't have far for price to go to prove me wrong. For anyone getting long at this level it could be a loooooong way down ;D
And if indeed it goes higher I can get long after it proves a good breakout and then when it retraces to breakout levels, a totally seperate setup.
So for this scenario, I wait for it to push past. I wait for it to hesitate and I sell into it with a tight stop. The play here is to get in on the rush as overeager breakout players get in thinking it is going to run to the moon and get smacked in the mouth. Of course that could be me too if it is the stop hunt scenario or drive higher (which is really just a hunt for liquidity to fill orders), but I don't have far for price to go to prove me wrong. For anyone getting long at this level it could be a loooooong way down ;D
And if indeed it goes higher I can get long after it proves a good breakout and then when it retraces to breakout levels, a totally seperate setup.