Since the beginning of 2017 this market has been on quite a rally. We started the year down around the $1120s price area and have recently tested that $1280-$1300 area a couple of times. You can see from the daily chart that the $1300 psychological level appears to have held for the time being as we put in a nice big double top back in June. We've since seen price come down to break and close below the V point of the DT, which now allows us to start looking for a potential 2618 trade. Price action is already putting in a retracement up towards that 61.8% level, and if we do get up into that $1260-70s area, I'd be looking for an entry reason into a short trade.
Edit: Forgot to post this last week and it looks like I might just have missed this trade. Will be watching the lower timframes now to see if there is a possibility for a re-entry. If there is then we might be able to get involved, just don't try to force it!
Edit: Forgot to post this last week and it looks like I might just have missed this trade. Will be watching the lower timframes now to see if there is a possibility for a re-entry. If there is then we might be able to get involved, just don't try to force it!
Trade active:
Orders filled, trade now active.