My idea from earlier did not go as I had hoped. I have however been holding a short from 2375 since last week Friday. I've taken partials since, but still holding. It is making it's way back to my initial entry so I'm looking forward to seeing how this all plays out.
My confluence for this setup is fairly straightforward - price reversed after creating a new all-time high and is now retracing off of a four hour bearish 61.% retracement area, coupled with a four hour fair value gap.
Seeing as though I have already taken partials on this position, I will continue to hold until the market proves otherwise.
My confluence for this setup is fairly straightforward - price reversed after creating a new all-time high and is now retracing off of a four hour bearish 61.% retracement area, coupled with a four hour fair value gap.
Seeing as though I have already taken partials on this position, I will continue to hold until the market proves otherwise.