And We Get the Retest of the Prior 1092 Resistance.

As I said in prior posts, a short entry at my resistance levels would be a safe trade even if it went against you. As you can see, we have come back down and retested back below my 1092 level, an opportunity to exit a short for no loss or even to make money depending how you managed your position.

I am currently flat as I will let the market tell me what it wants to do next. I do have a slight long bias now as the market did confirm a move above 1092 on the intra-day time frame. We did not confirm the move on the daily time frame, so that leaves uncertainty here. We have a gap from back on 8/10 that needs to fill at some point at 1118, so that is a potential target to the upside that seems plausible after today's action. However, we have today's gap up to fill as well, so that can just as easily be a target to the downside.

So I guess the main point I am trying to make is that at the current trading level, I am only interested in scalps because any longer term move could just as easily go in one direction as the other. If you want to enter a swing position here, try and build a small base with some successful scalp trades. Then you can use your profits to give you a stop loss cushion for a longer term swing entry.

Thats it for now... we'll see how the market moves in the overnight GLOBEX session