Professional trader Toni Hansen continues to believe the market needs to correct more to the daily resistance, and has no change in bias since yesterday regarding the overall market.
Professional trader Toni Hansen thinks the market needs to correct more to the daily resistance, and will continue to trade more defensively this week.
With a lot of economic data coming out today, Toni Hansen will primarily focus on early morning breakouts on news stocks and just look to manage open positions into the afternoon.
Even though the market correction on the daily charts picked up steam to a degree Wednesday morning and into the early afternoon, the action has still been more difficult for larger intraday and daily pattern traders.
Professional trader Toni Hansen remains more cautious going into Wednesday, and will continue to trade with smaller lots and tighter setup parameters for now.
The market does not have any larger 15-60 minute reversal patterns forming in the market to trigger an end to the daily rally, but the market is still on the upper end of its typical swing range.
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