11:45The entire bullish set-up today was based on price rising up from 5707, this is the normal pattern in a strong trending Weekly timeframe.
Today that hasn't happened, and by looking at the Daily chart on the left we can see a 3-day consolidating pattern above the Weekly timeframe (support 5-day 50%), but also a large gap towards the 3-day lows.
Normally when markets breakout of the 3-day cycle they like to either come back and test the breakout or move into a 2-day reversal pattern which can go as far as the 3-day lows.
At this stage I don't know how the market will re-act this afternoon. Personally I would like to see a 44 point move up off these lows before seeing whether the market will swing down from an R44 high 5707-11, or rally upwards into the close.
I haven't traded short positions because I would need a spiral-top to trade down, and that nearly happend earlier when it hit a high of 5703.
Have been in longs @ 5673 for awhile :- partial exit 5683 (+10)
Running stops @ 5669 looking for a move upwards 5703 before heading down, but it still looks like it wants to go lower today.
At this stage buyers aren't keen on the market, but I don't have a 'short-setup' to trade the market down.
At this stage buyers aren't keen on the market, but I don't have a 'short-setup' to trade the market down.
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