Hey AMT - Great thread. Thanks for taking the time! If we go to neutral after a rotation up, would that make it easier to go up (perhaps to the 747 level)? Thanks
Yes indeed.....you are correct, as we would then have removed any sellers defending their remaining held inventory. 727.00 targets now filled......next targets at 722.00 and then 717.00
Yes.....it is very interesting that the previously entered and held inventory that made up the 721's-724's level has still not yet gone neutral. It looks as if this held inventory is still being defended and also shifted up to higher cost basis levels from the price rotations we have had the last few hours. Until this inventory goes neutral we still have a resistance zone which is currently shifting a bit higher. If our highs for this morning held, then a run to test the 707 area would be a moderate probability imo.
AMT, great trading today so far! I'm just wondering how you determine your specific entry and exit prices. Are they based off previous levels? Also, is it safe to say that you will continue to short this resting inventory zone each time prices trades into it, until it goes neutral. It's amazing how you can have so much confidence to short as price makes new highs, but all your trades have been spot on! Great job...
I will keep selling this area until I see it going to neutral. I enter positions in or near the zones I track, but I also watch the realtime initiated buying and selling order flow to help pick my exact entries right as I am pending to take the shot.
Targets at 722.00 filled and next targets resting at 717.00 and new targets added at 710.00 (just above the 707's that I do feel are a critical level that must hold to keep the rally in affect). With fills at 717.00 I will then have last 50% of position remaining for any continued selling.