********** This is my own analysis as an amateur, DO YOUR OWN RESEARCH. I put it out here in the hope of critique and suggestions from experienced traders - thank you in advance ********
Monthly Note to Self: MASSIVE Buyers Market, Breach Zone '1.11160' - '1.14500' ( current price '1.17600')
It took 2 years of ranging and four attempts to finally breach into this channel and price has steadily climbed over past 10 months from here. This support zone should remain super strong.
Since Jan 2017 we've been in an upwards channel thats been flowing nicely until the latest retracements which appears to have killed buyers momentum and price is on the dip, seeking an edge.
The strength of sellers is evident in that a Mini Sellers market is underway (Daily) which kicked off at '1.18246' and breached the Buyers at '1.17223'. The old Buyers Trend Zone is now head to head with the new Sellers Trend Zone. Sellers market it is (daily).
Im questioning if the channel is wider than I originally thought. Possibly this mini sellers pressure will cause resistance adding to the lengthening of a range thus creating the wider channel. Currently the price is bouncing off the bottom of the 'inner channel' at '1.17553' and buyers are looking more exhausted than previously. Will it seek a wider edge for its channel? I suspect so but have no more evidence at this stage to support the idea.
Is seller market an Elliot Wave downside? Dont know enough about EW.
Trade Ideas for Daily
Buy the dip on channel touch...eventually. Many day traders bought off of 1.17350 support today (which I missed today becasue I was out grrr) it bounced quickly up as expected, but has since retraced.
Action
Sit Out and let the sellers fade. Buy at right price and right timing i.e. cheap, and on outer channel ideally. If it goes long from current inner channel, so be it stay out until re assessed, dont chase.
******IMPORTANT**********
I am NOT an expert, Do Your Own Research. I use this as my trading journal. I will update these ideas periodically. THanks
Monthly Note to Self: MASSIVE Buyers Market, Breach Zone '1.11160' - '1.14500' ( current price '1.17600')
It took 2 years of ranging and four attempts to finally breach into this channel and price has steadily climbed over past 10 months from here. This support zone should remain super strong.
Since Jan 2017 we've been in an upwards channel thats been flowing nicely until the latest retracements which appears to have killed buyers momentum and price is on the dip, seeking an edge.
The strength of sellers is evident in that a Mini Sellers market is underway (Daily) which kicked off at '1.18246' and breached the Buyers at '1.17223'. The old Buyers Trend Zone is now head to head with the new Sellers Trend Zone. Sellers market it is (daily).
Im questioning if the channel is wider than I originally thought. Possibly this mini sellers pressure will cause resistance adding to the lengthening of a range thus creating the wider channel. Currently the price is bouncing off the bottom of the 'inner channel' at '1.17553' and buyers are looking more exhausted than previously. Will it seek a wider edge for its channel? I suspect so but have no more evidence at this stage to support the idea.
Is seller market an Elliot Wave downside? Dont know enough about EW.
Trade Ideas for Daily
Buy the dip on channel touch...eventually. Many day traders bought off of 1.17350 support today (which I missed today becasue I was out grrr) it bounced quickly up as expected, but has since retraced.
Action
Sit Out and let the sellers fade. Buy at right price and right timing i.e. cheap, and on outer channel ideally. If it goes long from current inner channel, so be it stay out until re assessed, dont chase.
******IMPORTANT**********
I am NOT an expert, Do Your Own Research. I use this as my trading journal. I will update these ideas periodically. THanks
Comment:
Beautiful dip to Buyer Zone which supported and has sent price back upwards.
If todays candle closes green, the probability of a buy is looking great.
If todays candle closes green, the probability of a buy is looking great.
If price does continue to drop, it will seek out '1.16350'. Beware the fakers