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Good afternoon, traders.
Well we have this large head & shoulders pattern, and while the bears got a lot of purchase from it for a while, we’re now back above the neckline, and we’ve retested that from above today, and then we even rallied from that:
There are a couple of things we can do.
Ok, so the only thing that matters right now is whether we’re in a bull trap or not. I am open to it being just that; I am open to it not being that. We’re either still in a bubble or we’re not. I will go either way.
But, while we’re in an area of risk, where a bull trap is entirely possible if not even likely, I will continue to try to be a seller, and I will take things a day at a time.
If we drop, we’ll drop soon, if we keep going up, I will join the party.
Right now all I’m doing is playing the lower timeframes, selling where I think I can away with it, buying when it looks like that’s become tired. I hope everyone has a lovely evening.
Parts of this article may be reserved for members. You may learn more about becoming a member on the Join page.
You are also warmly invited to join our growing community in the Discord server (there are many public features in there). The invite link is here: https://discord.gg/58FSjcDhvG.