I have closed some shorts at today's lows, and will be looking to close more from whatever fade we get from here. Our Stochastics are overbought on the smaller time frames (5-45 minute Tf's) This hints to me that there will another down move before price stabilizes, and attempts its bounce. I will be waiting for them to reach the oversold areas of the indicator, or looking for a large bottoming candle on the 5 minute chart. The Red area is the 200 and the Orage area is the 200 MA. Like I mentioned in my last two posts I am looking for a bounce in this area around these Moving Averages. I do not plan to go long, I am just looking to take profits, as many other shorters will naturally be looking at these areas to do the same.
We are currently making our way higher on this small timeframe chart, I will be looking for a large candle signifying a local top. If we get consistent green without a larger spike that could signify that we do not retrace to my other green circle areas and closing out sooner could be warranted.
Adjusting targets based on the buyers showing up
Could be a bull flag breakout, if you didn't close shorts earlier, then there is no guarantee that you will get the opportunity. I will be waiting for a pullback, because I closed most of my shorts earlier today. Depends on how strong the breakout appears to be.
Counter trendline break possible Small Time Frame Bull trap on the Bull flag breakout. Still, expect prices to get higher. At least double of what we've seen so far today. Looking for pullback to finish closing shorts for the time being. Stochs are still in favor of a pullback (5-45 min stochs)