Use caution on longs - at edge of bearish pitchfork and S/R

17 thg 10, 2019

Intraday bias is to be skeptical of bullish moves and more looking for range contraction and then reversal back south. It's coming into a lot of prior support areas which will tend to act as resistance now.

Also at the pitchfork edge which is a great area to find head and shoulders patterns to short. I will be keeping my eye on this to find a right shoulder.

17 thg 10, 2019

Ghi chú

Brexit news causing new price action so it's not all technical. Not a good idea to blindly buy or short here. Plan is to wait for right shoulder and if it doesn't appear to not do anything.

19 thg 10, 2019

Ghi chú

Day candles actually curling up like a parabolic blow off so I would be even more aggressive about ratcheting up stops if I were long (which I'm not).

Somewhat expecting this to reverse back like an Eiffel tower like it has many times before on this chart. Main thing is to not be too early because the bulls are very much in control.