That's very interesting, I mean we may get some pull up since it was such a violent down move, but very high probability this thing is toast. Is this just like a very short term trade or you looking to swing it?
Yeah I mean you have the correct read here, there's very little chance price can recover much here. Even if it does will be short lived. I mean I have no issues taking short term or intra-day longs if they appear, but from a macro perspective it's pretty much over. Now that the bull move up was proven to be a bluff, party is over I am looking and heavily favoring shorts.
On the weekly swing, how can the trend be up now, after that God-awful CPI print, and Fed decision next week? B1S2, on behalf of all us here at ET, I must ask you dear friend. Are you smoking a drug on the controlled-substance list?
Ah ok, so you're aware it's toast long term, fair enough. Yeah, well see I certainly don't have any weekly swing long here. At best I see a short term long where we maybe drift up some overnight or tomorrow, but even than from a probability and r/r setup given current perimeters certainly isn't for me. To each his own though, it's possible it's so bearish that it doesn't even give you an entry though. I see you haven't entered yet. Let's see what tomorrow brings!
I do not understand what you see on that chart you posted. Are you seeing a resistance-level bounce? Or is that a bollinger-band bounce, right at the bottom? Hmm