All the lines on this chart have been drawn on a 4h timescale. Usually when you draw in any timeframe and a longer one confirms the same pattern, you have something good.
As you can see on my other posts, that huge ascending triangle has been decisively broken, and today we failed to get back into it. That straight line at around 6310 is our last line of defense and if it doesn't hold (and it isn't looking pretty, although bulls are putting on a HELL of a fight) we may revisit new lows for the year. Careful with another parallel resistance at around 6150. make sure to take some profits there.
I will be adding to my short at 6299 if it gets there.
Trade safe, set up stop losses.
As you can see on my other posts, that huge ascending triangle has been decisively broken, and today we failed to get back into it. That straight line at around 6310 is our last line of defense and if it doesn't hold (and it isn't looking pretty, although bulls are putting on a HELL of a fight) we may revisit new lows for the year. Careful with another parallel resistance at around 6150. make sure to take some profits there.
I will be adding to my short at 6299 if it gets there.
Trade safe, set up stop losses.