Sorry in advance because i meant to post this prior to leaving for work. If you followed my updates from my last idea, we understand that we would have broken even because price tested a lower level than expected (11700). Thats why i always try to find the best entires so that the RR is always worth it. With that being said lets get into the charts! I noticed a shift of momentum on the 4H TF. We have as i know it an 'engulfing move". With a retest of the doji candle engulfed. Personally for me i wouldnt have wanted price to retest so low however SL would have most likely been below the Lowest low (11700). So i probably would have had it slightly lower just in case price did continue to drop at which point i would have been prepared. Now after our retest look where price is now....coincidence? No. Understand we are still in a BEAR market right now so this bull run may not last for long. HOWEVER based off fibs there some things i would like to see.
1. How price reacts to the 61.8 level
2. Will momentum remain strong once at that level?
3. If momentum does stay strong, how will price react to our 78.6 level? Proper push past that level to the 88 and we may have something going here.
Understand that this may altogether be a retracement to our 61.8 seeing how we are STILL in a downtrend (Bear Market). The 78.6 and 88 are MAJOR LEVELS OF RESISTANCE. For price to make it past would be amazing but at the same time unlikely as this would cause a shift in whose in control. Proper push past the 88 level can mean a new trend altogether. For now this move is already in motion. i will be looking to see how price reacts to the 61.8 level.
Will Update as i go along!
***
(This is the entry i TRULY wanted. however price has yet to retest the doji candle engulfed).
1. How price reacts to the 61.8 level
2. Will momentum remain strong once at that level?
3. If momentum does stay strong, how will price react to our 78.6 level? Proper push past that level to the 88 and we may have something going here.
Understand that this may altogether be a retracement to our 61.8 seeing how we are STILL in a downtrend (Bear Market). The 78.6 and 88 are MAJOR LEVELS OF RESISTANCE. For price to make it past would be amazing but at the same time unlikely as this would cause a shift in whose in control. Proper push past the 88 level can mean a new trend altogether. For now this move is already in motion. i will be looking to see how price reacts to the 61.8 level.
Will Update as i go along!
***
Comment:
Keeping an eye out for 4H divergence as we get closer to our 61.8 and closure of our 4H candle
Trade active:
Literally just typed an entire update just for me to refresh the page by accident smh.
We have momentum still but our 4H candle has yet to close which could leave the possibility of rejection at any our of next 3 levels (78,88 100). However leave room for price to carry up to the 12500 level. Since price cleared this area before im leaving speculation that it can do it again. If we clear the 100 level altogether with closure, the Bulls WILL go on a run.
The markets close today, trade safe.
We have momentum still but our 4H candle has yet to close which could leave the possibility of rejection at any our of next 3 levels (78,88 100). However leave room for price to carry up to the 12500 level. Since price cleared this area before im leaving speculation that it can do it again. If we clear the 100 level altogether with closure, the Bulls WILL go on a run.
The markets close today, trade safe.
Comment:
Remember if we get rejection of any of those levels, expect price to be pushed back down possibly to the 11500 level in due time.
Trade Safe
Trade Safe
Comment:
***on my original chart it is supposed to say "engulfing move WITH a retest". My apologies
Trade closed: target reached:
Just like i mentioned above. It seems like price has rejected the 88 level. This would indicate for me to secure my profits and look for opportunities to hop in the sell back down to levels mentioned before. Trade safe
