I don't get distracted by these events but continue with normal trading
Need to lock in some profits today
Now onto the next plan
How the xjo manages to trade within the 6980 to 7180 channel (7220 later in the month)??
Could even move up another channel if the squeeze is strong enough
Current intraday channel of 7100 to 7160 atm
Possible pullback from to 7070 today if we can't break 7160 (could happen after hours)
Careful if we have 1 of those grind up all day sessions & sell after hours so we have a gap down for monday
(to trap all today's late bulls)
Trying to pick the top might be tricky but need to find a short up here to hedge my long positions (& close out 1 of my long positions to lock in profits to add later when it dips again)
I still think the dxy has further to fall before we pullback so xjo will try to get to 7180 top of channel before we pullback
Just remember, this is the first time since June 2021, that the dxy has completed a trading session below the 20ema on the weekly chart
That is huge for markets & could signal a change in trading conditions over the next few months at least
If markets choose to go to the top of the bear channel we're looking at 7320 by the end of the month (I don't think we can break that without further improvement to market conditions)
We won't be going there until they shake off some bulls first
I need to see pullbacks & support to see where our true trading conditions put us
Not just panic short covering that we're seeing atm
Although very profitable
Haha
(20min delay)