Catch the correction - Right shoulder drop to $59
New short entry on the hourly - $62.78
Stop $63.50
Short term target $61
Mid term target $59
Risk-Reward - 5:1 exceptional
Long term uptrend has been broken, short term down trendline remains intact before ultimate drive back up (maybe from $61 or $59 base). Daily - bullish pinbar formed, but prices have not accelerated up but rather moved up hesitantly. This is a short term short trade until the bullish trend resumes somewhere between $61 and $59.
2 Pinbars in last 2 days - bullish signal but no strong follow through, a sign of weakness.
Elliot Wave - A-B-C correction in process, expect wave C down to $59 level but choppy path down.
Head and shoulders pattern - Hourly shows a clear right shoulder with a neckline at key support level of $61
Price action - We have a hourly minorhead & shoulders down trend form a new lower low, followed by a 61.8% retrace.Now finishing the right should of a down trend head and shoulders on a longer time frame. Good low risk entry point for new decline.
On the hourly, my target short range $63 - $63.50 has been hit and I'm seeing topping action at $62.81 key resistance level and no further stops being hit. I had thought that bear stops might have been at the $62.84 level, but nothing was triggered, so maybe they have already been hit which drove prices to $62.80 range today.
Stop $63.50
Short term target $61
Mid term target $59
Risk-Reward - 5:1 exceptional
Long term uptrend has been broken, short term down trendline remains intact before ultimate drive back up (maybe from $61 or $59 base). Daily - bullish pinbar formed, but prices have not accelerated up but rather moved up hesitantly. This is a short term short trade until the bullish trend resumes somewhere between $61 and $59.
2 Pinbars in last 2 days - bullish signal but no strong follow through, a sign of weakness.
Elliot Wave - A-B-C correction in process, expect wave C down to $59 level but choppy path down.
Head and shoulders pattern - Hourly shows a clear right shoulder with a neckline at key support level of $61
Price action - We have a hourly minorhead & shoulders down trend form a new lower low, followed by a 61.8% retrace.Now finishing the right should of a down trend head and shoulders on a longer time frame. Good low risk entry point for new decline.
On the hourly, my target short range $63 - $63.50 has been hit and I'm seeing topping action at $62.81 key resistance level and no further stops being hit. I had thought that bear stops might have been at the $62.84 level, but nothing was triggered, so maybe they have already been hit which drove prices to $62.80 range today.
Comment:
I'm trading the H&S pattern to target the $61 neckline break with a good stop cushion if prices reverse and great risk reward ratio. Clarity should come pretty quickly with London market opening.
Comment:
Right shoulder complete after an initial rise at market open that reversed before hitting my stop. Next target is a challenge to $61.
Comment:
Profit taken a 61.92.
Re-entry possible back at $62.50
Re-entry possible back at $62.50
Comment:
Right shoulder breakdown after touching just above $62.50. Stalling at $61 neckline where I expect another reversal back up before the final drop to $59.
Trade closed: target reached:
It is starting to look like the $61 neckline may hold intact and $61 may be the low of this pattern. A bullish pennant is forming with far more upside potential if $61 holds. I closed this trade and deep profit and will setup for the next bull run, either from $61 neckline holding firm OR if prices drop, looking for the $59 entry area.
Comment:
Possible that neckline is about to break as there was no pop overnight in Tokyo or London - new short added to target the final C wave drop below $61 at a good risk reward ratio
Short- $61.18
Target $59 or lower
Stop - $61.50 R/R - (0.32 : 2.18) = 6.81
Short- $61.18
Target $59 or lower
Stop - $61.50 R/R - (0.32 : 2.18) = 6.81
Trade closed: stop reached:
Stop hit, strong profit but trend reversed before $59.
