Price came down overnight to where we entered this trade, evaporating over $300 in paper profits. We can't let that engender any negative emotions. Its just a rejection off the 20 sma on the daily chart. That's not unusual. Its not a deal killer. And now we'd expect a rejection off the 8ema.
We could have a bit of what Steve Bigalow (candlestickforum.com) calls a bobble as price bounces between the 8ema and the 20sma.
We would have preferred to have sliced right through the 20sma but at the moment we have to just hold on. If we get a candle close under the 8ema we'll have to exit.
No comments:
Post a Comment