Overall I’m in the buy-big-dip camp but I think we may get a test of .9225 in coming days. I’m certainly not willing to go short unless I’ve got some profit in the trade, so this is how I’m thinking of approaching it (presuming nothing too unexpected happens).

  1. Look for break of support at .9280 and buy that dip with stops below .9200;
  2. If market rallies from there back towards .9400, sell and reverse the position with stops then above .9465;
  3. If we pick the swings correctly, cover shorts, reverse and increase long position on the final big dip towards .9225 again with stops well below .9200.