I actually don't have a clue if it will go up a bit before going down or if it goes down first for a bounce... This is why I have 3 scenarios.
The diagonal down is a bit steep and a bit close.
"They" know that some dudes have noticed the diagonal.
I would not be shocked to see a spike through the diagonal into my second scenario of a bounce a bit higher up that will eventually turn into a wick for stop hunting.
I personally would use a 1/3 position for the diagonal entry as many times price will turn right there. If price blasts through it then you a not into any big pain if your stop is far enough.
The third main scenario is price heading down for a potential bounce. This looks like a legit sport for some action. Those trading intra day can easily monitor this area. I expect some reaction around the tip of my black line and the yellow circle.
The diagonal down is a bit steep and a bit close.
"They" know that some dudes have noticed the diagonal.
I would not be shocked to see a spike through the diagonal into my second scenario of a bounce a bit higher up that will eventually turn into a wick for stop hunting.
I personally would use a 1/3 position for the diagonal entry as many times price will turn right there. If price blasts through it then you a not into any big pain if your stop is far enough.
The third main scenario is price heading down for a potential bounce. This looks like a legit sport for some action. Those trading intra day can easily monitor this area. I expect some reaction around the tip of my black line and the yellow circle.