INTRADAY UPDATE as of 11:50am EST
The aggressive intraday models’ short position from 2918 and the medium-frequency models’ short position from 2894 are both manually closed out as the real time models indicate potential consolidation for now.
Both models are in an indeterminate state, pending analyses of further price action post Powell’s speech. For that reason, the models indicated taking the profits on the open shorts (closed out at 2873) and waiting for any further triggers based on the original plan.
The price may also further deteriorate and more gains may be likely, but we would be content with locking in the profits made already on the positions, keeping in view the potential risks (that our models are flashing) for a big move in either direction ahead of the weekend. Trading in such uncertainty would make it gambling and gambling is not a trading plan.
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