July 31, 2020 | +86 Pips| Short Term Trading

We may see some price consolidation today.

Shorts (and there are a lot of them) will close their positions as soon the price comes down a bit just to be out of their position. On the other hand, their are a lot of traders who hold buy positions. We may see some wild moves today and should trade extra careful.

Two things to consider:

1) If you chased trades during the last weeks, you probably got away with it because the trend bailed you out. Still, keep in mind that every trend ends soon or late and chasing trades will not work in the long run.

2) Don't try to pick tops. There is no such thing like "the price is too high or the price is too low".

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