If we break 112 25, take 1/2 your size off at 112 23. Put trade in now as someone may bounce it back from 112 22 just for fun. Leave some of your size for a re-test of lows.
vanquish, I'm not counting the trade, i.e. for my record. I had the stop trade set up ready to fire it manually. So, it is not correct for me to say it didn't get triggered. I didn't trigger it. From what I can see of the trades at 112 31, even if I did have the stop in, I would not have gotten filled. My time and sales has scrolled past on ensign. Yes, I decided to stay short, for the reasons previously listed. In any event, even had I been stopped out, I would have gotten back in again at 112 27 or better. Price activity broke down at 112 31.
Look for a low within the next 5 - 6 5 minute bars, i.e. 30 minutes. By low, I mean a low from 112 25, not necessarily a new low. 0930 CST is a time target for a low. Remember, by low, I'm NOT saying a new daily low. It might be.
Goodness! Anyone use marketprofile or similar? I'm seeing incredible sell vs buy volume since 0835 CST. Hope this bodes well for a solid down move.
vanquish, Yes, looking for a cycle low. 5 min time frame for pyra. By the way, for me a cycle low doesn't mean to go long. Just means that whatever move I expected, if it hasn't shown up by that time, then exit trade.