I was tempted to go long here (76), but not getting a good read, so sitting on my hands at the time being. FWIW, I do not think we'll sell off today and favour new highs by the close, although it's a mixed read for me. Big picture, we might be consolidating today before the next large move (most likely down, IMO).
TL broken. Let's see if this leg down stops around 72-73. If not, maybe we'll sell off today after all.
i was earlier calculating a move to 55.00 level but after seeing the momentum revised it to 63-64 or lower, i have a little higher probability of a down move to that area and should happen today in RTH in MHO but bear momentum is very slow so it could be slow paced. If momentum picks up then really could go lower like a test of RTH low. BUt today is a non trendy day for shorts so could just range as always PA is key. it is just a probability so have to trade and set SL accordingly.
need to break below 64.50 to get a clearer picture for me. how it breaks is very imp. in MHO to make the next decision, to stay in trade or hold rev position.
The temptation was when price was going up. The lower high and reversal bar was a very nice short entry, but I missed it. Currently flat and feel it's too risky to initiate a trade from here as I have a short bias, but we're in a zone now where we can reverse back up intraday. My main scenario for the rest of the day is that the HOD/LOD is set and that will most likely close around 72/75. Then again, I'm often wrong.