Hi fellow enthusiasts,
Been a while since I posted here, but have been following prices and trading almost daily in the last couple of weeks. I will try to post more often here, if only to hear where I am wrong.
Last night/this morning I went through as many indicators and chart patterns as possible on all time-frames. My conclusion at the moment:
1) A lot of indicators are neutral/contradicting so not very useful. Same for patterns, looks to me there is no pattern at the moment that is clear enough to trade.
2) Exception on the above seems to be a huge falling wedge (see chart)
3) Within this wedge I cannot help but notice the similarity between the last move down in this wedge and the current price action.
4) (Stoch)RSI and EMA20 on the daily are all very similar as well.
Based on the above I am laddering shorts between here and 6600 with stop at 6670.
Final target is bottom of the wedge around 5400, RRR = roughly 6:1 but I will probably lock in profit earlier and lower my stop once the trade is in profit.
C.J.
Been a while since I posted here, but have been following prices and trading almost daily in the last couple of weeks. I will try to post more often here, if only to hear where I am wrong.
Last night/this morning I went through as many indicators and chart patterns as possible on all time-frames. My conclusion at the moment:
1) A lot of indicators are neutral/contradicting so not very useful. Same for patterns, looks to me there is no pattern at the moment that is clear enough to trade.
2) Exception on the above seems to be a huge falling wedge (see chart)
3) Within this wedge I cannot help but notice the similarity between the last move down in this wedge and the current price action.
4) (Stoch)RSI and EMA20 on the daily are all very similar as well.
Based on the above I am laddering shorts between here and 6600 with stop at 6670.
Final target is bottom of the wedge around 5400, RRR = roughly 6:1 but I will probably lock in profit earlier and lower my stop once the trade is in profit.
C.J.