I think any signs of weakness now may potentially show a reversal.
on 10/18 we saw a huge move down. that is already a sign that any price above that isn't really desired. now we see a huge rally up on friday.
what i want to see now is it goes further above the high point of 10/18 and then reverse down strongly below the highs of 10/18 and then retrace back to it. The point of retracement back to 10/18 highs would be a worthwhile short entry. Its a play between the bottom box and the top box, just exit when it reaches bottom box while risking the recent highs of whichever day the high was created. The risk should be smaller than the meat of the move. Something to look at if you are on the short side of the market.
If it doesn't strongly clear below 10/18's highs then i would consider it just a profit taking. A strong push down would signify that it is something worth looking at with a higher percentage of going down than a mere bounce back up above the highs
there are many plays to be had. hope you all dont forget to manage your risk because not managing it is what kills most traders. good luck!
on 10/18 we saw a huge move down. that is already a sign that any price above that isn't really desired. now we see a huge rally up on friday.
what i want to see now is it goes further above the high point of 10/18 and then reverse down strongly below the highs of 10/18 and then retrace back to it. The point of retracement back to 10/18 highs would be a worthwhile short entry. Its a play between the bottom box and the top box, just exit when it reaches bottom box while risking the recent highs of whichever day the high was created. The risk should be smaller than the meat of the move. Something to look at if you are on the short side of the market.
If it doesn't strongly clear below 10/18's highs then i would consider it just a profit taking. A strong push down would signify that it is something worth looking at with a higher percentage of going down than a mere bounce back up above the highs
there are many plays to be had. hope you all dont forget to manage your risk because not managing it is what kills most traders. good luck!