Price broke through resistance in London and dipped in the US session to test the breakout area and rallied. This is another tactic to shake out the breakout traders, get them short, take their money, and then run it in the original direction. It's all part of the distribution process from the longs below.
As we're heading into an EOD and EOW close, I want to give it a little more time to see if we'll get another pop higher. This would lock in even more FOMO longs and make it easier to sell into/take profit. If the pop happens before the close, I can begin shorting.
Be patient, disciplined, focused, and flexible.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next. Trade Less. Make More.
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The daily closed on the highs and holding strong. It feels like shorts are going to get squeezed. I want to see how the market opens and before testing the waters.
The 8h and 12h have a nice sell reversal pattern in the works. Another push higher would be the finishing touch. ✌❤️