Quote from Laissez Faire:
As a day trader one have to be aware of those invisible resistance lines and get out fast on any signs that they are holding.
I saw your original entry and intended to write that you should hold it all the way to the gap fill if we took out the AH 50%, but I was busy managing my own trade.
I`m considering entering a long if we take out the current highs, but I change my mind 10 times per minute, so...
Other potential invisible resistance above is 52 and 53,25.
Gap fill at 55,75 would be nice.
But I guess it all depends on if we take out the highs. The high may be in for the day. For me, anything in between right now is noise.
Tortoise,
That`s very interesting.
LF - Thanks for your commentary. Helps a lot to a newbie
It seems we have made the low and are now going back higher.
The rationale for the trade (which I have still on since i moved the stop back to 42) is that we have been having down gaps for last 3 sessions now, and this session down gap is pretty significant. I think its highly probable that we will fill this gap first, before price starts to go down.