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Condition 1
attempting to break out of multiple week balance area
Condition 0
eth tried higher but came back
we open in range
Thoughts poc, mid and weekly wvap are close to ech other and make a good line in the sand
no need to hesitate or antizipate
if we break out (eg above onh) there is still enough opportunity
Thoughts
We poor structure below us
But this does not mean that the market has to liquidate
It can run as long as it wants to
See if something shows up for you and end the day early around 11 because normally it gets quiet before the fed
There is a saying "Do not short a slow market". This saying led me to expect fast behaviour whenever i was short. Consequence was that i often exited short trades too early when it behaved slow. Sometimes i even went long because it made a bad (slow) job falling.
If this trade will work or not does not matter. But nowadays i think from experience that if we have a good reason to short and a good location we should have some CONFIDENCE in our trade even if the market moves slow.
The good reason today of course is that we moved up fast and strong the last days (which makes people have long inventory ) AND made a nice intraday inflection point
