Well the inverse head & shoulders has played out perfectly. My entry at $6,860, and then stop-loss at $7,795 netted me a 13% gain in 5-days. So now where?!
Option #1 - We surge, today (tomorrow at the latest), to $9,000+, break out of the 6-month downward channel and go on a new bull rally.
Option #2 - We break down to somewhere between $7,000-$7,700 and hold there and wait for rebound out of 6-month channel, sending us into bully rally.
Option #3 - We plunge below $7,000 and head probably into sub $6K range, with my target near $5,800.
I got stopped out at $7,795, but then got pulled back in @ $7,870 due to the bullish engulfing candle on the 15 min chart. I may be over-trading this play, but I want to keep profits but also don't want to miss a rally above $8,000. Time will tell.
The "options" are in the order that I see most probable.
Reminder, don't trade emotions, trade the charts and your strategy.
Option #1 - We surge, today (tomorrow at the latest), to $9,000+, break out of the 6-month downward channel and go on a new bull rally.
Option #2 - We break down to somewhere between $7,000-$7,700 and hold there and wait for rebound out of 6-month channel, sending us into bully rally.
Option #3 - We plunge below $7,000 and head probably into sub $6K range, with my target near $5,800.
I got stopped out at $7,795, but then got pulled back in @ $7,870 due to the bullish engulfing candle on the 15 min chart. I may be over-trading this play, but I want to keep profits but also don't want to miss a rally above $8,000. Time will tell.
The "options" are in the order that I see most probable.
Reminder, don't trade emotions, trade the charts and your strategy.
