HSI - A breather for 'Longsters' a reprieve for 'Shortist' ?
If today's Daily candle can close bearish (strongly),
We may well see a retracement to 28550 at Fib38.2.
The past 4 weeks have seen frenzied buying and many have hopped onto the momentous band-wagon.
Quite a good time to buy back some of the liquidity at lower levels(best if prices drop fast and weak holders cut losses).
So, if the market is not so bullish at that point (Fib38.2),
we may see it move further to 28050 at Fib50
and momentum to 27560 at Fib61.8 (have to see how fast the market falls 1st).
*Do not get me wrong, I'm still bullish overall but I do see trading opportunities in Shorting.
Be cautious and set your SL as you are canoeing against the current, the moment you stop paddling, the strong currents will bring you quickly back to square-one. Conversely, wait to buy-in at the fib levels and follow the current. It's all about the type of trader you are! Good Luck!
We may well see a retracement to 28550 at Fib38.2.
The past 4 weeks have seen frenzied buying and many have hopped onto the momentous band-wagon.
Quite a good time to buy back some of the liquidity at lower levels(best if prices drop fast and weak holders cut losses).
So, if the market is not so bullish at that point (Fib38.2),
we may see it move further to 28050 at Fib50
and momentum to 27560 at Fib61.8 (have to see how fast the market falls 1st).
*Do not get me wrong, I'm still bullish overall but I do see trading opportunities in Shorting.
Be cautious and set your SL as you are canoeing against the current, the moment you stop paddling, the strong currents will bring you quickly back to square-one. Conversely, wait to buy-in at the fib levels and follow the current. It's all about the type of trader you are! Good Luck!
Comment:
I do not like how lots of orders came in at 29400 and the POC is near the bottom of the candle after the closing of the bearish candle, to me it does not substantiate a good selling bar, but instead could indicate lots of buying activity still.
However, the cumulative POC of the '2-day' bars (inclusive of the doji-like bar) is still quite high up the bars which indicates to me a substantial selling. But selling to where? For me, I'll still keep a lookout on the 29250 to 29155 region keenly for reaction to upside or downside.
However, the cumulative POC of the '2-day' bars (inclusive of the doji-like bar) is still quite high up the bars which indicates to me a substantial selling. But selling to where? For me, I'll still keep a lookout on the 29250 to 29155 region keenly for reaction to upside or downside.
Comment:
Mentioned the Support but forgot to mention that 29870 region is THE resistance region to break for Longs to carry on.
Comment:
Yesterday's POC and the cumulative POCs for the past 3 days were high up on the bars . Nice! Still will monitor rejection at 29250 to 29155 region 1st.
Comment:
Comment:
Highest volume at market start since early November. We know what happened after that right? Brakes on the shorts currently (brakes are on but there can still be momentum downwards). Bears beware! Start accumulating on dips; If you are a longer term trader.
Trade closed: target reached:
TP1 hit on my broker. Closed most, Rest to BE or TP2 whichever comes 1st.
Thank you for viewing my trading thought process. Hope it was beneficial in some way or the other. Cheers!
Thank you for viewing my trading thought process. Hope it was beneficial in some way or the other. Cheers!
Trade closed: target reached:
TP2 Hit. A little more bearish than anticipated. But that's how it is when you trade the bears, usually the fall is steep and speedy while the rise is persistent and consistent. All the best!
The 1st stop to test quality/strength of recent bullishness will be 28155 region. If bulls come in heavy and previous weekly high is taken out (and closes near it), then we can consider previous trend to be very bullish and we can probably start to target 31280/32730 region thereafter. Let's see the next few trading days...
but if we see more 'flirting' with the slippery side down like for these past 8 hours after the fight at market open, Fib38.2 is definitely in sight. Eyes on 28155 region, let's see which way it'll reject!