Posted by Tom C.
I am extremely rusty at this, so don't judge too harshly. As you probably realized, X disappeared for a few days. Now that you see the news headlines over the past 24 hours, you know why. He won't be able to discuss his role, as it is all highly classified. But I for one want to thank him for his service.
OK, if anyone is offended by my attempt at humor, I apologize. But I could not resist! X is dealing with some family issues, and my thoughts and prayers are with him. In the meantime, I figured I will try to brush the dust off my posting skills and put up a chart or two.
Today offered a lot of nice short setups, with GG being one of my best trades. The setup itself can be classified as a "beyond the Fibonacci extension". GG gapped down, bounced at the FE, and made a relatively normal retracement back to the RZ. At that point, it turned back down and broke through the FE. I drew a trendline (solid black line right below the FE) which was broken around 1PM EST, and then price pulled back to test the FE and the trendline from the bottom (support is now resistance). Price formed offsetting bars at that level, and I entered on a break of the 1:30 bar. My stop was if price closed above the declining 5EMA, and it never did. Price collapsed, and I covered at $53. It continued down to almost $52 before bouncing.
Depending on X's return, I may come back later in the week with a few more charts.
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