Making out like a bandit on that way back up now as well :) :joy:
Broke out of the channel? Will the channel act as support now? No idea, but I do have hedge in properly in place so I plan on even more profit either way! Kinda going to run with the winner just like a straddle strategy.
I not only stayed short over night, I opened more before close. Hope I'm not hating myself in the morning. Though, I agree a bounce to 2860 could easily happen before further lows.
ZenMode
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@Teklologist, oh your still in the short? And yeah the bullish upside is exactly about capping out at 2860.
ZenMode
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@ZenMode, funny May 17th now at 6:30 and we are exactly back at 2860 again on the nose. =o)
@Teklologist, I think that channel would potentially act as resistance - all though I could easily see us falling back into that channel to test 2800 again.
This is what I mean:
ZenMode
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@ZenMode, I'd say odds of actually breaking through it would be higher if we moved sideways into the 22nd. Still this chop gives plenty of opportunity long or short. if the setup looks right for unloading the long I might try to profit off the hedge as well.
Teklologist
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@ZenMode, could bounce off top of channel in your original chart. Would be very bullish. Would be a sad day for me though lol.