Yesterday we had a bear trap where we broke to a lower low, and instantly the bulls aggressively bought to get the bounce underway.
We rejected from EMA resistance which is recent videos I have suggested as an area bears look for re-entry when RSI cools off.
Now the bulls must form a higher low on the 4 hour to either give an equilibrium or try and see bounce continuation.
EMA resistance will remain key on any follow through attempt from here.
Potential for a daily inside bar to form today which will be on watch tomorrow if so.
Currently still in a smaller position in the green and letting things play out a little further on the 4 hour. Break even worst case at this point.
So far this bounce has limited follow through keeping the bears comfortable.
We rejected from EMA resistance which is recent videos I have suggested as an area bears look for re-entry when RSI cools off.
Now the bulls must form a higher low on the 4 hour to either give an equilibrium or try and see bounce continuation.
EMA resistance will remain key on any follow through attempt from here.
Potential for a daily inside bar to form today which will be on watch tomorrow if so.
Currently still in a smaller position in the green and letting things play out a little further on the 4 hour. Break even worst case at this point.
So far this bounce has limited follow through keeping the bears comfortable.
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