Pay attention to the two red dashed lines on chart. These two are speed lines, and determine the 'slope' one can expect from the uptrend, which if breached, presages a steeper pullback or a sideways correction, causing a slower progress in the trend.
Simply put, if price approaches the diagonal line nearby, it has to rebound instantly. If this 'faster' trend holds, we can expect a brutal rally, if not, price will form a consolidation which can take many shapes, either a sideways pattern for a few days, or longer, or a steeper pullback to support.
If the correction takes the form of a sideways pattern, we'll go long again on the breakout from the mode, using 'Time at mode'. If we get a pullback, we'll go long when we hit a good , or if we get other confirmation signals from our tools. The idea is to be prepared to follow this trend, and trade around the main long term position as much as possible, speculating on shorter term longs when suitable.
Additionally I'm taking swing trades without closing it.
EIA data on Wednesday will probably instigate a massive surge.
Seems like it's going sideways from here. Let's watch it to either short, or reenter longs.
If we get more confirmation we could go short towards it, and lower prices but it's not ideal.
I'd rather go long at the bottom when safe again.
If you want you can risk half, max 1%, and short with a stop above the previous day's high.
I'll be watching it closely.