UJ Short Trade:
Entered short Scouts #1-3. Set TP.
Right at the end of the day, the MMs hiked the price above the half SR on increased volume, indicating they are bears. This surprised me because I had been thinking the MMs were preparing for USD strength moves, which would mean they should be bulls. But, there was the PVSRA indication. So I made several entries close together right at the turn over of the trading day.
The only way I can logic this out is to think that the MMs figure with the 15+ hours before the USD releases, they have time to ram the price back down for a double bottom and double bear run profits on that 50+ pips run back down. So, I set the TP accordingly. Of course, if the MMs are going to be switching to bulls in conjunction with the USD releases, that does not preclude a sudden extra dip lower to suck in more shorts as they close their shorts for more than 50+ pips profit and quickly switch to longs, all below that whole SR area. When the new shorts realize they got snookered and buy their way back out before loosing too much money, it will add to the buying momentum and more quickly take the MMs new longs into profit. It could happen that way, but for now I will leave the TP where it is.
Entered short Scouts #1-3. Set TP.
Right at the end of the day, the MMs hiked the price above the half SR on increased volume, indicating they are bears. This surprised me because I had been thinking the MMs were preparing for USD strength moves, which would mean they should be bulls. But, there was the PVSRA indication. So I made several entries close together right at the turn over of the trading day.
The only way I can logic this out is to think that the MMs figure with the 15+ hours before the USD releases, they have time to ram the price back down for a double bottom and double bear run profits on that 50+ pips run back down. So, I set the TP accordingly. Of course, if the MMs are going to be switching to bulls in conjunction with the USD releases, that does not preclude a sudden extra dip lower to suck in more shorts as they close their shorts for more than 50+ pips profit and quickly switch to longs, all below that whole SR area. When the new shorts realize they got snookered and buy their way back out before loosing too much money, it will add to the buying momentum and more quickly take the MMs new longs into profit. It could happen that way, but for now I will leave the TP where it is.