We are getting close where I take profit on my shorts ( from 1315 to 1300$) But not opening long yet - I will explain later why
In the night we had a false swing in the Asian session ( price run above the previous 3 day's high). A lot of Asian bulls were buying the breakout. They had to cover their longs later 20-25$ lower.
I set this post as a "short" though I don't recommend to short it. It's simply too late.
The time when I was going short was at this post:
So we are heading down the question is how far.
The daily cycle could bottom at the 50 this week(red) or could bottom next week at the FOMC if there is a rate hike (blue).
I've made 70$ on this short trade so I don't want to risk to get caught in a bull run out of the DCL. So I'm closing the positions between 1300-1315$. I will wait the FOMC meeting before opening any long position.
I will not open this long at the exact bottom, but at least I dont have to survive a drawdawn from 1300 to 1260$ if Yellen's slaves vote for the rate hike next Wednesday.
Ps: maybe is better not to touch this one and look for other trades for now, nobody knows what the market will do.