May 1 Trading Diary: Closed Shorts for Profit, Rebound is Here but I'm Staying Flat and Observing
Yesterday's market gave a clear signal: when it should drop but doesn't, a rebound is inevitable. So, before hitting the sack, I closed my shorts for a profit, and sure enough, today it shot up, peaking at 2294, so the wait wasn't in vain.
However, the current situation is a bit awkward, with prices stuck in the 2300-2330 range. Bulls and bears are trading blows back and forth, and there are quite a few sell orders pressing down from above, with outflows not stopping. Whether this rebound can sustain itself is uncertain. Right now, I'm keeping an eye on the 2310-2330 area; if we can't break through, this will just be a temporary rebound.
At present, the price is at 2284. Entering a position here presents risks as the range isn't open, making it easy to get whipsawed, so I’m opting to sit tight and wait for a clearer direction.
Here are the key levels for today:
- Resistance: 2320-2330, 2350, 2380
- Support: 2250-2266, 2218, 2200
My plan is simple:
- If it stalls around 2320 and I see funds flowing out, I’ll take a shot at a short;
- If it pulls back to 2250 and holds, the bulls aren’t done yet; if it breaks down, I can hold my shorts with confidence.
Yesterday's market gave a clear signal: when it should drop but doesn't, a rebound is inevitable. So, before hitting the sack, I closed my shorts for a profit, and sure enough, today it shot up, peaking at 2294, so the wait wasn't in vain.
However, the current situation is a bit awkward, with prices stuck in the 2300-2330 range. Bulls and bears are trading blows back and forth, and there are quite a few sell orders pressing down from above, with outflows not stopping. Whether this rebound can sustain itself is uncertain. Right now, I'm keeping an eye on the 2310-2330 area; if we can't break through, this will just be a temporary rebound.
At present, the price is at 2284. Entering a position here presents risks as the range isn't open, making it easy to get whipsawed, so I’m opting to sit tight and wait for a clearer direction.
Here are the key levels for today:
- Resistance: 2320-2330, 2350, 2380
- Support: 2250-2266, 2218, 2200
My plan is simple:
- If it stalls around 2320 and I see funds flowing out, I’ll take a shot at a short;
- If it pulls back to 2250 and holds, the bulls aren’t done yet; if it breaks down, I can hold my shorts with confidence.