Update from previous idea:
We spoke yesterday about the ideal scenario being consolidation until today because the CME gap was at the 3900 level, I was worried that if we broke to the upside that would be short lived and I was correct in saying that.
the fib has actually played out well however it is not being totally accurate, it is giving good areas of support and resistance, overall though price has done exactly as predicted.
we have held the golden pocket as support as mentioned in yesterdays analysis and now we are struggling to keep above the 0.5 level, price also came up and broke the 0.236, the last line of resistance but we formed a slight double top and broke back down, this was necessary because of the CME gap.
currently I do favour higher price targets we have been consolidating and dropping for too long I think, a lot of people have been shaken out I am probably going to try and enter a new long trade, once I see a break and confirmation of retest to the 0.5 level. or a visit back down to the golden pocket the risk to reward at that point is worth it in my opinion.
ideal entry would be at the golden pocket but I don't know If we will see these levels again, in the short term, my advice would be average down buys to that level incase we wick down again placing SL at yesterdays wick (to stay bullish we would want to see higher highs regardless).
We spoke yesterday about the ideal scenario being consolidation until today because the CME gap was at the 3900 level, I was worried that if we broke to the upside that would be short lived and I was correct in saying that.
the fib has actually played out well however it is not being totally accurate, it is giving good areas of support and resistance, overall though price has done exactly as predicted.
we have held the golden pocket as support as mentioned in yesterdays analysis and now we are struggling to keep above the 0.5 level, price also came up and broke the 0.236, the last line of resistance but we formed a slight double top and broke back down, this was necessary because of the CME gap.
currently I do favour higher price targets we have been consolidating and dropping for too long I think, a lot of people have been shaken out I am probably going to try and enter a new long trade, once I see a break and confirmation of retest to the 0.5 level. or a visit back down to the golden pocket the risk to reward at that point is worth it in my opinion.
ideal entry would be at the golden pocket but I don't know If we will see these levels again, in the short term, my advice would be average down buys to that level incase we wick down again placing SL at yesterdays wick (to stay bullish we would want to see higher highs regardless).
