Hey guys!
The chart is kinda messy, but it's self-explanatory.
Price is likely to go higher short-term.
- CME gaps: we are stuck between two CME gaps which are both destined to be filled. The recent one at around
10600 is most likely to be filled first, before the old one at around 9550.
- RSI and Stochastic on 4H are pointing up, gaining bullish momentum.
- There's bullish divergence on 4H time frame.
We have a PRZ at around 11K. There are multiple factors to support that:
- There's Fibonacci level 0.5 of the downward wave at 109xx.
- There's a strong resistance zone in 11000-11111.
- EMA50 on both 4H and 1D rests around 11K.
- Round number 11000 is a psychological level.
There's also another strong level at 112xx with the EMA200, EMA100, Fib 0.382 and the strong support line there, but I don't consider it as an entry zone, because I believe breaking of 11.1K would potentially change the trend into full-bullish, invalidating the SHORT. So any price higher than 11.2K could work out as the Stop-Loss price for the SHORT position.
Opening a long position may be a little too risky since the trend is bearish. I will wait for the price to reach the mentioned PRZ area to go SHORT. I will publish a new idea with position entry details once/if we get there.
Thank you for taking the time to review my perspective. If you find it useful, please push Like!
The chart is kinda messy, but it's self-explanatory.
Price is likely to go higher short-term.
- CME gaps: we are stuck between two CME gaps which are both destined to be filled. The recent one at around
10600 is most likely to be filled first, before the old one at around 9550.
- RSI and Stochastic on 4H are pointing up, gaining bullish momentum.
- There's bullish divergence on 4H time frame.
We have a PRZ at around 11K. There are multiple factors to support that:
- There's Fibonacci level 0.5 of the downward wave at 109xx.
- There's a strong resistance zone in 11000-11111.
- EMA50 on both 4H and 1D rests around 11K.
- Round number 11000 is a psychological level.
There's also another strong level at 112xx with the EMA200, EMA100, Fib 0.382 and the strong support line there, but I don't consider it as an entry zone, because I believe breaking of 11.1K would potentially change the trend into full-bullish, invalidating the SHORT. So any price higher than 11.2K could work out as the Stop-Loss price for the SHORT position.
Opening a long position may be a little too risky since the trend is bearish. I will wait for the price to reach the mentioned PRZ area to go SHORT. I will publish a new idea with position entry details once/if we get there.
Thank you for taking the time to review my perspective. If you find it useful, please push Like!
Trade active
Trade closed: target reached
Comment:
The target zone has been touched. Be really careful with your Longs now. A down drop is just around the corner.
Trade active:
The LONG target is reached and now it's time for the red arrow to be realized. Enjoy the profits!