AUS200 - 4h - Cypher at strong daily resistance

9 May 2016

AUS200 is currently ranging (last year or so). now that we pressed into the upper area again, we formed a cypher pattern that gives us a potential sell opportunity riding this thing down again (if you like).

how you wanna trade this is really up to you. you can go for an standard pattern sell with quick profits or you can use this as an entryreason to try to catch a bigger move down - or both.
keep in mind that if we would use a trendline(blue) instead of a horizontal zone we would be in breakout mode already, which would make quick profits more safe. but its not nessesarily a trendline that i would pay huge attention to as long as we dont also break the horizontal zone to the upside. that why - so far stil short bias

9 May 2016

Not

daily picture for reference

10 May 2016

Not

i took a quick 1:1 earlier for the full position. im not interested in holding a position for moth to come. but the market is currently sitting in a decission area, so keep an eye out for break to the down or to the upside