I see some posts stating to short on these minor dips. Please fellas look at the trend lines. We have respected them for almost an entire week now except when we are moving to new highs. What are you going to do when this trades sideways and slightly up for the next 8 hours? Then we bust through H&S and you shorts become buyers kicking us up through the 9200-9300 resistance that I feared, till I read all the short ideas with this as their stop. Then on the 14 those CBOE contracts expire and produce exactly the opposite reaction that they did last month....hello 12K
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green lines support, red lines resistance, thicker the line the more resistance.
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Still respecting......
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If you paid attention to my posts you would have put your stop loss right below all that channel mess down there. I figured we would need a pull back before we shoot through 9000 but was optimistic about the upper most trendline we were following last night. Alas we will work from the lower. I have been saying we go up on the 14th....now its looking more likely. The volatility when the contracts expire is my only concern. I believe we will have opposite action than last months expiration and go up but thats not to say the big boys dont try to fake longs out with an initial small pull down below the previous low...which is where most longs will have there SL since it has been working pretty nice for us. My current SL is at 8379 and did we come close to that! I will take a look after work and post my next stop loss here after todays -4.08% action. Lets see what the future holds. As always make your own decisions and only take this as education not financial advise. Sorry I didnt change my trendline colors for resistance to red.
@DrixlRey, no looks like we've got one last line of defence otherwise doesn't look good. i'm not a bear but we've a bear flag now on this chart, not sure what its target is that line probably will fail.
mycoinmoon
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@TomPower, It could tom. I have my SL right below it. For me I will have to close trade with a measly 200 sat. win. basically a wash. I will rebuy when then time is right if that happens. The action off of that was pretty nice. Would have been a good buy there for those looking to get in and keep an extra tight SL. Bulls needed a rest, they have been working pretty hard. If it goes down more I will just watch till the time is right again. Plenty of short posts to get an estimate of where that could be. Good luck out there.
TomPower
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@mycoinmoon, underside of that green lower one, its on it now. That forms a resistance and you can see a head and shoulders pattern with confluence with your line. down from here
mycoinmoon
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@TomPower, It had me worried but I really believe this trades till the 14th sideways. We then shoot up on CBOE expirations to break 9200, then through 10K on CME expiring. Opposite moves of last month.