Derek_A_Reid

Derek_A_Reid Updated 

My mentor often tells me to trade what I see and not what I think. Here's what I see... - A resistance zone being retested... So we can either get a breakout or a reversal... Obvious stuff... - A broken trendline... confirmed closed candles above trendline indicates upward movement towards the resistance, which it did and is in the process of being...

Derek_A_Reid

Price broke above the resistance which now becomes a support... Doji indecision candle forming? Could this be a continuous uptrend. Waiting for close of day to avoid fake-out.

Derek_A_Reid

Channel seems to be holding price movement... A breakout upward is still not an impossibility... Needs more confirmation... Wait for it...

Derek_A_Reid

Here we are in a similar waiting position... A retest and confirmation of support S1 is in order before making final trade determination. Note again the moving average crossover, which points in a downward direction.

Derek_A_Reid

Our resistance zone was broken at around .6726... A clear breakout, but is now being retested. If the retest holds then that resistance will then become a support zone which will incline this trade to be long... if the retest fails and it falls below the resistance level then we can expect a short sell... Both scenarios are subject to closing of confirmation...

Derek_A_Reid Updated 

Here is a little experiment in price action ... I'm thinking a continuous uptrend... Notice the pinbar and the moving average crossing up... Let's see how this plays out

Derek_A_Reid Updated 

Trend line breached... Looking for multiple TPs

Derek_A_Reid Updated 

I'm anticipating an upward swing seeing strong support area just below area where trendline was broken...

Derek_A_Reid

Although the chart shows downward sloping averages, I can't help but notice that we are at the base of a range... My options are open as I await more confirmation before taking this trade...

Derek_A_Reid Updated 

Looking for a reversal as price approaches the trendline, which is also an area of support.

Derek_A_Reid Updated 

Price seems to be respecting the lower trendline... Going for a modest profit at support area around. 79.436... Buy stop set at 79.189

Derek_A_Reid Updated 

Trend is up I'm thinking the inclination is to continue upward although a retracement may occur before the continuation

Derek_A_Reid Updated 

Price has hit a support level... We can now look for a bounce off of that support level upwards... If it goes beyond the support then there is a possibility that it will bounce off the bottom of the channel... Ultimately, I think a long is in the forecast...