Market is right between multiple setups.
The larger daily short I have mentioned (
) has traded but has yet to break the 4th test of a long setup that has traded successfully three other times (
)
Until this long setup breaks longs are still in play. I took a short setup last night and have exited half my position for 30 pips. I am leaving the other half to see if this short defends and can break the long setup like I am anticipating. My stop is above 8962 roughly 14 pips above my entry so I will only lose half my gains and will have plenty of ammunition to trade the long continuation or next short setup that trades.
If this long breaks I will be looking to add to my short position on pullbacks for the ride down to the 8500 handle.
The larger daily short I have mentioned (
Until this long setup breaks longs are still in play. I took a short setup last night and have exited half my position for 30 pips. I am leaving the other half to see if this short defends and can break the long setup like I am anticipating. My stop is above 8962 roughly 14 pips above my entry so I will only lose half my gains and will have plenty of ammunition to trade the long continuation or next short setup that trades.
If this long breaks I will be looking to add to my short position on pullbacks for the ride down to the 8500 handle.