Maybe a bounce from 11696-11706. if so I am going to short into it again, just holding 1 micro left over from that bad trade earlier, that luckily turned into a winner.
That probably is a result of using longer-term charts -- daily, 4-hour, 2-hour for my primary determinations so overbought / oversold is relative. Also, I derive most of my signals at specific times using those charts so price may have moved beyond a high or low before I enter -- just the nature of that process.
this is just the 2-hour chart but oversold is going to be a zone -- not an event. And I'm viewing this within the context of the daily and 4-hour and my cycles work.
Ok, was just clarifying. If we go too much above 11740.00 I'll just have to cover and will end up losing a good bit of my profits. Otherwise looking for 11708.75 - 11718.75 range to cover some.
Thanks. Funny thing is that I used to be a perma-short when I first started out. I really loved to short. Ideally, a good trader is neutral in terms of direction, but I'll admit to finding it easier to go long these days.
Today is just one of those days you had to have a view of the big picture and then have conviction on it. If you had the big picture wrong for today, it would have been a frustrating day.
The short side is always logical because it often aligns with your feelings and emotions about what's going on. Trading the long side in this environment requires you to just trade what you see. This is my 999th post. I better wait to make sure my next one is epic.
Stopped. Didn't get a push below yesterday's LOD after all, but managed to get in long near the LOD anyhow. I'll dedicate this trade to @SammyJ who thinks getting the big picture right is meaningless. LOL. I'm locking in some here below 50, but I'm wishful that this can turn into a more profitable swing trade. If it was a day trade - I'd trail a tight stop here behind price.