US30 Positioning Update --- Be prepared to short below 38160
I am positioning a sell stop below 38160 targeting a SL of 38250 and targets below us at :
38040 - Key support level
37980
37900
and 37830
This is in respect to the lack of bullish momentum we are seeing above 38200 and continuous rejections on the lower timeframes below my 50/100/200 day EMA setup. Forming bearish flags on both the 5 and 15min Time Frames. Now is a good time to update SL for previous Long entries from 38170 to 38160 to reduce risk and set sell stops at 38160 in anticipation of the break down below.
You will observe both setups on my chart-- Our Long posted previously which is still valid for the time being, and the potential short position - valid below 38160.
Targets for the long entry remain valid at 37280 37340 37400 37500.
38040 - Key support level
37980
37900
and 37830
This is in respect to the lack of bullish momentum we are seeing above 38200 and continuous rejections on the lower timeframes below my 50/100/200 day EMA setup. Forming bearish flags on both the 5 and 15min Time Frames. Now is a good time to update SL for previous Long entries from 38170 to 38160 to reduce risk and set sell stops at 38160 in anticipation of the break down below.
You will observe both setups on my chart-- Our Long posted previously which is still valid for the time being, and the potential short position - valid below 38160.
Targets for the long entry remain valid at 37280 37340 37400 37500.
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