I have been building a line on VXR for a while now with a descent avg weighted entry using my DCA method around buying opportunities on large deviations from the mean.
We had a considerable sell off start of June which saw the beginning of bearish market structure forming on the 4h and 1d time frames.
We started to build a bear flag with an elliot wave 5 touch with in the channel and a clear break out over the last few days and price is still above the 100 ema
But we arnt out of the woods yet.....
Firstly the break in the flag wasn't really met with much conviction on the volume side, so could simply just be a low liquid volatile move whilst still in a bearish trend.
Secondly there is an EQ zone and supply block created through previous break in market structure around .72
This is the level I'm paying close attention to today, I'm not expecting a blast through but wanting to see price consolidate and move above this level reclaiming it as support to confirm the bullish trend continuation and will start in my position for now.
I have stopped buying for now until we angle that 100ema back up and continue on the mean and look for more buying ops with in an ideal deviation.
Breaking the local high at .81 should see volatility to the upside
We had a considerable sell off start of June which saw the beginning of bearish market structure forming on the 4h and 1d time frames.
We started to build a bear flag with an elliot wave 5 touch with in the channel and a clear break out over the last few days and price is still above the 100 ema
But we arnt out of the woods yet.....
Firstly the break in the flag wasn't really met with much conviction on the volume side, so could simply just be a low liquid volatile move whilst still in a bearish trend.
Secondly there is an EQ zone and supply block created through previous break in market structure around .72
This is the level I'm paying close attention to today, I'm not expecting a blast through but wanting to see price consolidate and move above this level reclaiming it as support to confirm the bullish trend continuation and will start in my position for now.
I have stopped buying for now until we angle that 100ema back up and continue on the mean and look for more buying ops with in an ideal deviation.
Breaking the local high at .81 should see volatility to the upside
Comment:
DING DING DING I am ready....send it lads
Trade active:
Come on baby, give me some green today, volume isnt there but we have had a good break above the flag and eq level so sellers showing signs of exhaustion
Trade active:
trending nicely on the break out, almost breaking the previous top, expecting much better price action into price discovery continuing this trend up for a while now
Trade closed manually:
target reached and price dropped back below the new support, waiting out on this one for now