This morning I am happy to say that both of my questions from yesterday have been answered, and I am even happier to say that we got the bullish answers everyone was hoping for!
$8,200 was attempting to turn into resistance and that has failed. We pumped up to $8,400 and then supported $8,200 before created another local high. In the past 48 hours we have established three higher lows as well as three higher highs.
Furthermore we got a much needed bullish crossover on the 12 and 26 day MA’s. That happened at $8,250 and would have provided a very nice entry. However, we were still trading inside the 14 day downtrend at that point and I was keen on waiting for further confirmation.
If you did go long from $8,200 - $8,300 then good for you! However, if you missed that entry then it is too late now and I would advise warming the bench with me. There will be resistance from $8,500 - $8,600 and buying into established resistance is never a good idea.
The final confirmations that I will be watching for are: MA bullish crossovers on higher time frames (6 hours, 12 hours and 1 day) and the daily chart making it outside of the ichimoku cloud. A good strategy can be to divide up your trading roll and make partial entries after each confirmation.
For example: if your trading roll is X then go long with X/4 after the 6 hour MA crossover then add onto the position by X/4 after each additional confirmation.
Comment if you have something to say. Smash the like if you found this helpful and definitely finger that follow!
$8,200 was attempting to turn into resistance and that has failed. We pumped up to $8,400 and then supported $8,200 before created another local high. In the past 48 hours we have established three higher lows as well as three higher highs.
Furthermore we got a much needed bullish crossover on the 12 and 26 day MA’s. That happened at $8,250 and would have provided a very nice entry. However, we were still trading inside the 14 day downtrend at that point and I was keen on waiting for further confirmation.
If you did go long from $8,200 - $8,300 then good for you! However, if you missed that entry then it is too late now and I would advise warming the bench with me. There will be resistance from $8,500 - $8,600 and buying into established resistance is never a good idea.
The final confirmations that I will be watching for are: MA bullish crossovers on higher time frames (6 hours, 12 hours and 1 day) and the daily chart making it outside of the ichimoku cloud. A good strategy can be to divide up your trading roll and make partial entries after each confirmation.
For example: if your trading roll is X then go long with X/4 after the 6 hour MA crossover then add onto the position by X/4 after each additional confirmation.
Comment if you have something to say. Smash the like if you found this helpful and definitely finger that follow!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
Pullback to $8,370 could provide a good entry for a long.