A significant breakout through resistance at 3700 suggests bulls are seizing control. Potential higher-low has been established, with a higher-high through 4200 required to form the basis of a potential reversal.
Position: Long opened on break-through of 3700. Bids set to add to position down to a retest of 3700. Idea breaks down here, so Stop-Loss set just below. Target is 4100 where, given significance, we'll run into significant resistance.
Position: Long opened on break-through of 3700. Bids set to add to position down to a retest of 3700. Idea breaks down here, so Stop-Loss set just below. Target is 4100 where, given significance, we'll run into significant resistance.
Trade active:
No test of resistance turned support @ 3700 so far, with price trading in the 38xx-39xx range. A bull flag is clear on the lower timeframes, and a breakout now should be targeting 4200.
Looking for opportunities to add to long, but we're currently in the middle of the range so will wait on breakout of bull flag or dip below 3800.
Looking for opportunities to add to long, but we're currently in the middle of the range so will wait on breakout of bull flag or dip below 3800.
Trade closed: target reached:
Dramatic few days. As predicted, target just below 4200 hit perfectly with profits taken at 4100 and position closed close to high. Given the significance of 4200, opened a short almost immediately but didn't really expect the dump to follow.
Took profits on the way down but had I watched the dump play out, would have left position open all the way to 3700, which was the breakout that prompted original position. As expected, resistance turned support at 3700 was enough to stop the dump... for now. In normal circumstances, would open a long on retest but leveraged longs all off the table for now until market settles down.
Small short position remains open while uncertainty remains, but will add to it if 3700 doesn't hold.
Took profits on the way down but had I watched the dump play out, would have left position open all the way to 3700, which was the breakout that prompted original position. As expected, resistance turned support at 3700 was enough to stop the dump... for now. In normal circumstances, would open a long on retest but leveraged longs all off the table for now until market settles down.
Small short position remains open while uncertainty remains, but will add to it if 3700 doesn't hold.