The chart is pretty straight forward.
Presuming we dip down in price due largely in part to the anticipation of CPI results; I'm of the mind that we will tap bottom of the current local ascending wedge , and then build a strong momentum upwards out of the current local trend and at least to the first point ive marked tp1.
I am assuming in this scenario, that the CPI results will come back favorable. The current forecast is a lower rate, in turn i hope to see this be a catalyst for a liquidation hunt to the downside where i can catch a solid entry.
And finally, when the news is released and the results come back as expected; price SHOULD rise rapidly along with volume . (i have seen opportunity in this moment to catch a strong position as well. Volatility can increase quite violently, sending price in either direction, gifting the opportunity to enter at a possibly much better price point!)
As always, not financial advice. But if you were to utilize the price points marked on the chart for your take profit levels, please keep in mind that it would take a VERY strong rally, with a build up of momentum familiar to that of a bull market push. Now even with a bull run that sweeps us out from under our feet, tp4 is really pushing the limit. My opinion stands so that the odds of reaching that height are slim to none, and may be better left out of mind. However, tp2 and tp3 feel like viable targets based on the increase in volatility we are already experiencing. Momentum will follow as we build liquidity this week, and..
WE MAY GET A GLIMPSE OF A BULL RUN BABY!!
Good luck everyone. And while ive not included a SL in my chart; understand the R:R ratio you are comfortable with, and choose wisely!! Remember as well my brothers and sisters, our dear old friend is always lurking. And he will hunt down a sloppy stop. Be wary the market maker and lets enjoy this ride!
Presuming we dip down in price due largely in part to the anticipation of CPI results; I'm of the mind that we will tap bottom of the current local ascending wedge , and then build a strong momentum upwards out of the current local trend and at least to the first point ive marked tp1.
I am assuming in this scenario, that the CPI results will come back favorable. The current forecast is a lower rate, in turn i hope to see this be a catalyst for a liquidation hunt to the downside where i can catch a solid entry.
And finally, when the news is released and the results come back as expected; price SHOULD rise rapidly along with volume . (i have seen opportunity in this moment to catch a strong position as well. Volatility can increase quite violently, sending price in either direction, gifting the opportunity to enter at a possibly much better price point!)
As always, not financial advice. But if you were to utilize the price points marked on the chart for your take profit levels, please keep in mind that it would take a VERY strong rally, with a build up of momentum familiar to that of a bull market push. Now even with a bull run that sweeps us out from under our feet, tp4 is really pushing the limit. My opinion stands so that the odds of reaching that height are slim to none, and may be better left out of mind. However, tp2 and tp3 feel like viable targets based on the increase in volatility we are already experiencing. Momentum will follow as we build liquidity this week, and..
WE MAY GET A GLIMPSE OF A BULL RUN BABY!!
Good luck everyone. And while ive not included a SL in my chart; understand the R:R ratio you are comfortable with, and choose wisely!! Remember as well my brothers and sisters, our dear old friend is always lurking. And he will hunt down a sloppy stop. Be wary the market maker and lets enjoy this ride!
follow the waves