From One High Probability, To Another
The last update’s high probability set-up was negated at the next session … only to morph into another high probability.
We’ll go straight to the FXI, leveraged inverse fund YANG.
FXI, Leveraged Inverse YANG, Hourly
It’s about twenty minutes after the open and YANG is trading at around, 11.15 – 11.16.
The chart below shows a Wyckoff spring set-up in progress.
What’s missing at this point, what’s to be expected during this session or next, is the test.
That same hourly chart is marked up below to show how that test may look with a pass or fail.
Risk on a position short FXI via YANG (not advice, not a recommendation) can be reduced by allowing YANG price action to retrace as much of the opening gap as possible.
It’s Friday and we’re heading into the weekend.
Does anyone really want to be positioned long? 🙂
It’s not as if anything bad is happening.
Nothing like British Members of Parliament (and the Prime Minister) turning in their resignations … all staged but that’s a whole other story.
Charts by StockCharts
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point®, trade mark: No. 6,505,279