Scenario 1. Break out. Push price above 12300 - 12400 and come back down. Trap retail longs and overleverage breakout traders. Come back down and few candles later break below temporary 10900 11000 support and close 8500ish cme gap.
Scenario 2. Going against market sentiment and going with huge volume take out the 12300 12400 level and parabola...
As simple as an inverted head and shoulders is. We have to take into consideration we had a lower high.
Simple charting.
Shorted 12000.
Stop loss moved to body line
Simple chart. Simple lines. Bottom is in. Hammer on daily. Volume present. Higher lows. Can we get a higher high?
Trade invalid should we break under the line
Sometimes, the simplest of charts gives the best of trades.
Macd 4hour and daily supports this idea
Will also have to take into consideration that big daddy is very volatile and could break above 12400 which would most probably invalidate this idea while retail traders dump their bags.
As of now, this idea seems to be supported. NULS is a recent example of...
