Fake short with yesterdays push down and ppi
Updated
Yesterday it reached the area that was ideal to short however it immediately tanked from that area. Haven't seen this happen before so im thinking this move down might be to bait in more people fora liquidity grab.
Usually it stays within that high range and then following few days it makes a strong move as an indication it doesn't approve of that range.
My trade would be buy here to go back up to the orange circle then exit. Next week enter a short while within that box with stop loss just above the box for a bigger move down.
Usually it stays within that high range and then following few days it makes a strong move as an indication it doesn't approve of that range.
My trade would be buy here to go back up to the orange circle then exit. Next week enter a short while within that box with stop loss just above the box for a bigger move down.
Note
I made my bottom box based on the candles the left of the high, which is wrong. I went back to check historical data and saw that it doesn't use info on the left side of the high, but the break down from the high. This trade is incorrect so I adjusted my charts with another view. I do however still believe it will go back up to 450-453 before tanking down below the lows currently.
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