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I would agree with that sentiment, needs to bounce here or it goes to 49.50 in the next couple of hours. (and I would prefer the bounce/consolidation first to setup a new trade)
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Are you targeting the 49.50 area? A flush down would break all meaningful resistance on the 60 minute chart and force a reaction to the mid to low 49s. That may be the trade...
My biggest issues with the small long is getting footing above 51.25. If it can manage that then I would feel better.
I was looking at 50.40 area but i am out now 51.21. FLUSH DOWN is more of a signal for me to determine size of a position on reversal and to determine if longs makes sense today.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I understand what you mean about the flushes. I feel my long is counter trend but the move could be sizeable just as a reaction (~$1 off the lows maybe). Then a retest of the ~51.20 support again (which I might add got pounded on this run down), would be the third play.
My current exit on the long is 51.88 but will be high mobile (higher or lower) depending on price action.
Mini FLUSH DOWNS . I use them to add to shorts. Algos, HFT are mostly interested in 20, 30 ticks in and out all day long. That's the reason i stopped scalping. I can not compete with mahines but one can make some reasonable assumptions as to how machie driven trading gets set up.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.