That 200sma is resistance and since prices could not establish support above it, it’s still a ceiling. So that brings me back to the swing. Since I’m waiting for a correction, the rejection at the 200sma is exactly what I need to send prices lower, preferably to the 34ema high waiting below at 91.34.
The daily is the longest time frame I will trade and I know it’s fate (and set ups) are reliant on the intraday charts.
The 15, 30, and 60 minute charts will have to transition to a mark down cycle to get the swing correction I’m waiting for. And remember, there’s no reason to think that 1) prices will get there on the daily and 2) that the 15, 30, and 60 minute downtrends couldn’t be traded along the way.
All three — the 15/30/60 minute — time frames are in a mark down and setting up swing shorts along their respective 34ema lows.
Even the 240 minute chart is in transition as prices are testing the 92.00 major psychological level and breaking through the support of the rising wedge pattern.
So riding the short term intraday downtrend to the daily support is two individual strategies that would set up a “one thing leads to another”.
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