Today was a bad call from yesterday’s game plan. Again I was only half right. The volume did increase quite a bit, but the price fell quite a bit also. Not good!
Here is today on the 15 minute chart. There is nothing to sugar coat here, it’s just bad. We opened with the deluge like last week. It tried a half ass recovery, but it was no surprise that faded.
It fell out the support of the channel twice and struggled to get back and close right on it. Down was definitely the path of least resistance today.
Here is today in the context of the last five days. The volume is rising as the price is falling. That’s not a good thing. If we don’t get a good move back into the channel, I will have to seriously consider closing my positon to not risk any more of my profits.
Here is the weekly. This just looks bad. As of now the week is forming a nasty shooting star. That is a big sign of weakness.
tomorrow’s game plan
The volume has been increasing as I thought, but the price keeps declining again. This is not a good situation and I need to think about preserving my profits.
Today was a bad sign of weakness, but it did show a little resilience at the close. I don’t know if it was enough to carry over into tomorrow, but I held the position because it did stay in the channel and has a chance of moving back up off the channel support tomorrow.
However, if it loses the channel and continues weakness and keeps increasing volume, I may be forced to close this positon. I don’t want to be in it if the weekly ends with that shooting star.