A strong case can be made for the past two weeks of trade being nothing more than simple bearish consolidation before continuation. Today's move lower certainly looks like the beginning of that continuation. A low volume rise to $9700-$10,000 is a decent short entry with a measured move target to $8100 and a stop loss on a confirmed move above $10,200. With our daily volatility indicator rising into the 8/29 candle opening, it appears as though the selling is not finished.
Trade active
Not a whole lot of time spent in that 9700-10,000 area yesterday. Daily volatility indicator still on high alert. Though we *could* revisit the 9700-10k zone soon, I think we see a test of 9000 first. Trade active
Taking longer than I anticipated, but we're here nonetheless. This is the spot to lean into shorts with a stop on a confirmed move through $10,200. Trade closed: stop reached
Volume expansion today on a move above 10,200. Price now hanging in up here in what looks to be bullish consolidation. A successful retest of 10-10.2 should confirm the move, but my short is stopped out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.