Possible Short Term Bull Trap
Updated
I am long from a 1 minute opening range breakout but it looks like there is kind of a bull trap in the order book around 9600 or so.
This is also a major fib level and a point where wicks had met in both directions previously so price could have a hard time getting back through it.
I have about a 13 expected RRR on the first target for my trade and when it's that high I generally don't move to break even at all, I just let the trade run to completion.
However I would not be surprised to see price test the opening region a few times before gathering enough steam to get through the seller wall.
My plan is to take half my position off at the 13 R price and let the rest run as a swing.
This is also a major fib level and a point where wicks had met in both directions previously so price could have a hard time getting back through it.
I have about a 13 expected RRR on the first target for my trade and when it's that high I generally don't move to break even at all, I just let the trade run to completion.
However I would not be surprised to see price test the opening region a few times before gathering enough steam to get through the seller wall.
My plan is to take half my position off at the 13 R price and let the rest run as a swing.
Note
The CME gap mentioned belowNote
Candidate count that supports the idea of holding at least to the end of the day which ought to be the high.
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