My stop is wider but like you, I'll also be trading it as I see...

My stop is wider but like you, I'll also be trading it as I see it.

My thoughts: Today's price action was obviously not good for holders, a big move down, especially for those that bought a break above 49 - a possible bull trap forming. However, it was on relatively weak volume for this kind of large move, possibly lighter-than-average bids unable to sustain slightly-above-average selling.

The charts aren't worrying me yet though, a big move needs follow through, so I'll be watching closely tomorrow. From experience, big moves without follow through have been brilliant turning points (and entry points) before the real strong move. Like a typical bear trap but slower in motion, managing to close a session red, and taking another session to execute the trap and move into green. So let's wait and see.

Sounds like you have a good trading plan though, so you should be on top of it when the move eventuates.

Agreed with your analysis. Good low risk, high reward trade if price does go to that point.