Going long since underwater longs need to cover
Updated
So I got the retrace I was waiting for.
Since this fits all my setup requirements, I'm going long.
I trust that the big boys whose bids got dumped through on the way down will push the price back up so they can close their positions near breakeven.
Invalidation below swing low.
Since this fits all my setup requirements, I'm going long.
I trust that the big boys whose bids got dumped through on the way down will push the price back up so they can close their positions near breakeven.
Invalidation below swing low.
Trade active
Longs opened, average entry 7842. Didn't get my 'standard' entry because these setups are frequently frontrun - we didn't even get to tap the range low. That's why I set breakout orders to guarantee I get a position. Still left some bids just in case.Time for some upside!
Note
Now that we've clearly established a new low, I'm pulling my bids, because hitting them requires passing the light blue tangent line, violating the convexity of the arc and thus the basis for the trade.Expecting continued convexity: increasing upward velocity.
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