Hi everyone,
I'm looking to take profits at the top of the Trading Range and leave a smaller position to run (with relatively tight stops) just incase of a breakout (formation of a new uptrending line created on the daily - please see related ideas below)
However i'm leaning more towards this being a Trading Range in the shorter term, through observation of the bears entering the market. I therefore believe that the bears will step in at the top of this Trading Range.
I'll look to see how the market moves and if the Trading Range continues then i'll look for some shorts at the top here.
Please see my previous chart idea for further details ("Related Link" below).
Please LIKE and FOLLOW for support and more chart analysis.
I'm looking to take profits at the top of the Trading Range and leave a smaller position to run (with relatively tight stops) just incase of a breakout (formation of a new uptrending line created on the daily - please see related ideas below)
However i'm leaning more towards this being a Trading Range in the shorter term, through observation of the bears entering the market. I therefore believe that the bears will step in at the top of this Trading Range.
I'll look to see how the market moves and if the Trading Range continues then i'll look for some shorts at the top here.
Please see my previous chart idea for further details ("Related Link" below).
Please LIKE and FOLLOW for support and more chart analysis.
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I'm looking for either a clear break and continuation above or a break below the trendline and begin a new ABC wave with the goal of taking profits at the bottom of the trading range.
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We may get some downward pressure here and begin Wave A. I will scalp this down.
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Wait for a failed breakout attempt for any shorts
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Potential double tap
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bulls holding support levels well. Looking for that very extreme for a breakout or failed breakout.
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Looking good so far. Want to see more follow through selling.
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1 min picking up strongly. Breaks below trend line adds even more confirmation. Good short as of now. Look out for potential bounce from uptrend line too.
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Retest and rejection will definitely confirm it. Otherwise if it's strong enough we will break below.
Another option is also here that bulls overcome the "2nd test" and drive it up for a breakout.
Another option is also here that bulls overcome the "2nd test" and drive it up for a breakout.
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So far breaking. Look for candle closes for confirmations
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To me this is a short opp.
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A LEG down for a decent scalp. Count the waves.
Care for a move up again, possibly retest the top again. How far A wave moves down may have a play on the B wave retracement.
Care for a move up again, possibly retest the top again. How far A wave moves down may have a play on the B wave retracement.
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Most likely failed breakout and completing our A-B legs
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One thing i'm wary of is this on the Daily:
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One thing i'm wary of is this on the Daily:
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If it's going to fail the breakout we need something here.
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A lot of wicks at the top indicating there are bears pushing this down/rejecting price.
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Not strong looking bear bars.. but lets see how it goes. I must go to sleep, take care everyone. Care for the breakout or failed breakout. Play accordingly.
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15 min will give a stronger indicator
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I would pop in a short here:
Otherwise we might blast through to the next large resistance zone.