|
Good
Morning.
At the risk of sounding like a broken record, the hourly trend
continues … continues … continues (whack) to dominate and
provide strong trade guidance as its downtrend support has once
again turned back an early contra-trend rally. The early pace has
been choppy given the ping-pong action between an early 13-minute
uptrend and the hourly stranglehold and as many traders sit on the
sidelines ahead of afternoon FOMC news and tonight’s speech by the
President.
While a break of the 13-minute support may trigger a further leg
down on the hourly, such trades should consider the reward/risk
ratios on the short side which will likely continue to shrink
given the longer term oversold status and climbing fear factors.Â
As such, trade potential should be carefully considered and tight
trails implemented should the ultimate bungee bear bounce occur
while in such a trade.
|
