There is an intraday pattern that lines up to this. But I watch for confluence of many factors for entry, as my tick charts and DOM are my main entry tools for scalps. So at the point of entry I dont predict and I dont have resting limit orders.
if we crack that 54 or yesterday lo by a point or more...i`d be looking for another leg south. sld 40% fib @ 66.25 & missed my bigger lot @ 68.75 by a tic...not happy as that was my $ lot & runner. i still feel 32 is obvious target & the beginnings of a big,bad bear/stagflation misery time period that i`ve been mentioning.
went to answer phone and missed the sell off. what's a good short entry, do we test the mid 60's again?
even the big money players are getting overextended, thats what the price action is showing, if they blow the support level definitively, attempts to cover underneath the liquidity wont be there, anyone who can be short is short... lack of consensus zone is 1494.. :O
Chris, can you explain what you mean by that comment? I don't understand it, but it sounds important.
it means the market can spring either way, at the current zone 1455-60 most everyone thinks the market will go down, the previous support is 1494, becomes resistance now. at 1494 the market can bust through and run some major stops on shorts. usually markets will touch those levels, since buy stops will be there too.