E-Mini may be heading lower
I opened a couple new short positions on the E-mini this afternoon.
The E-mini has been in a channel since its initial gap down last night ... this afternoon it broke through that channel to the downside. Unlike the false break earlier to the upside, this one tried multiple times to re-enter but failed. In addition to the break below, it also came back up to re-test my resistance zone. I plan on watching this closely and riding it down to the next big support (the pin bar that started the gap). From there, if that support is broken, I will try and ride it down to my big demand zone in green.
However, the Fed will probably cut rates on Wednesday, which is why I will be watching my positions like a hawk. Or, it is entirely possible, that the Iran situation will ease between now and Wednesday as well. I am just a Tweet or 2 away from this going against me. But, I'm also just a Tweet or 2 from this hitting my second target with ease - it could go either way at this point.
The E-mini has been in a channel since its initial gap down last night ... this afternoon it broke through that channel to the downside. Unlike the false break earlier to the upside, this one tried multiple times to re-enter but failed. In addition to the break below, it also came back up to re-test my resistance zone. I plan on watching this closely and riding it down to the next big support (the pin bar that started the gap). From there, if that support is broken, I will try and ride it down to my big demand zone in green.
However, the Fed will probably cut rates on Wednesday, which is why I will be watching my positions like a hawk. Or, it is entirely possible, that the Iran situation will ease between now and Wednesday as well. I am just a Tweet or 2 away from this going against me. But, I'm also just a Tweet or 2 from this hitting my second target with ease - it could go either way at this point.
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