Guys, really sorry but I had some important personal issues that came up that I need to address this week. I will check in here and there so post comments =)
Today's downtrend got support at the 754-755 range. This is a 61.8% fib retrace from Monday low to Tuesday high. Also, we broke a trendline yesterday that is now acting as support (15 or 30min 10-day chart/line following the highs). I don't think we will break the 754 today, and I covered my short around 756. If we do break, however, there is plenty of downside from there.
sometimes the simple things work best, this setup is very similar to quite a few I have seen in the past, one in early jan, one back in nov. Not only technically but also fundamental influence. As you said 754 is the point that will decide either down or up =) while I do not have much time this week trading I did go long off this range here with a stop loss at 752. I do believe that we are done on the downside at least for now and the 800 will make me either a believer in a bit of a longer term rally confirming a double bottom or just letting us know this was a dead cat bounce yet again.
good luck to both of us =) and I 100% agree, this is one of those positions you need to walk away from. Its perfectly protected here, and it either works or it does not, this is not a chaser or anything like that. My avg price is around 755 so not quite as good as yours but with only 3 points risk its a great trade.
a bit concerned about this tripple bottom here with lower high, setting up for a descending triangle here so watch the 762 range very carefully, we need to break this on the upside, if we are not able to break here in the next 30 minutes I would recommend taking some profits and letting the rest run out.
lol I guess my first call was right, 1:05, next 30 minutes, 1:33 breakout started. I saw too much hesitation so I added the extra buffer towards the 14:10 time frame.
Well done! Good call. I think your prediction of a rally to 800 this week is certainly looking good. Im hoping for a break beyond 800 :) but i guess tomorrow will be important.
Today's downtrend got support at the 754-755 range. This is a 61.8% fib retrace from Monday low to Tuesday high. Also, we broke a trendline yesterday that is now acting as support (15 or 30min 10-day chart/line following the highs). I don't think we will break the 754 today, and I covered my short around 756. If we do break, however, there is plenty of downside from there.
ReplyDeleteGood luck with your personal issues.
sometimes the simple things work best, this setup is very similar to quite a few I have seen in the past, one in early jan, one back in nov. Not only technically but also fundamental influence. As you said 754 is the point that will decide either down or up =) while I do not have much time this week trading I did go long off this range here with a stop loss at 752. I do believe that we are done on the downside at least for now and the 800 will make me either a believer in a bit of a longer term rally confirming a double bottom or just letting us know this was a dead cat bounce yet again.
ReplyDeleteI'm with you! Just opened a long position at 754 with a stop loss at 751.50. Time to walk away for a bit. :)
ReplyDeletegood luck to both of us =) and I 100% agree, this is one of those positions you need to walk away from. Its perfectly protected here, and it either works or it does not, this is not a chaser or anything like that. My avg price is around 755 so not quite as good as yours but with only 3 points risk its a great trade.
ReplyDeleteI agree. Let's see how it will play out.
ReplyDeleteI see the next target 773- 777 range hoping to break.
ReplyDeletea bit concerned about this tripple bottom here with lower high, setting up for a descending triangle here so watch the 762 range very carefully, we need to break this on the upside, if we are not able to break here in the next 30 minutes I would recommend taking some profits and letting the rest run out.
ReplyDeletewatch out for decision at 14:10 either break hard towards the downside or a nice rally towards the 770-776 range
ReplyDeletelol I guess my first call was right, 1:05, next 30 minutes, 1:33 breakout started. I saw too much hesitation so I added the extra buffer towards the 14:10 time frame.
ReplyDeleteWell done! Good call. I think your prediction of a rally to 800 this week is certainly looking good. Im hoping for a break beyond 800 :) but i guess tomorrow will be important.
ReplyDelete