Here's my bias for GU. BEARISH
Some confluence indicating me a bearish week:
1) Market Structure is breaking previous daily swing lows.
2) COT (commercials) have a net of
nearly -50,000 in short positions on the Daily - 6 month analysis which tells me big
shorts from institutions which is why we saw the giant drop last week.
3) Both Daily and 4h are in a bearish order flow w/
the ema's crossing.
4) Momentum indicator is bearish but could possibly
be creating bullish divergence.
I will be anticipating a possible run on equal lows to
take out liquidity.
If price drops into my weekly bullish order block, then
I'd like to look for buy opportunities. This would be a
retracement and bounce off the weekly equal highs
that were broken.
We'll see. I'll stick to the plan and react based off
what price offers me. As of right now, I'm looking for
short opportunities and targeting down to my weekly bullish order block. Good luck this week & happy trading!
I'll share the barchart.com COT chart. Hopefully you guys will be able to check it out. Simply go down to "add technical study" and find " Commitment of Traders" Daily - 6 months or Weekly 3 years www.barchart.co...technical-chart?plot=CANDL...
Some confluence indicating me a bearish week:
1) Market Structure is breaking previous daily swing lows.
2) COT (commercials) have a net of
nearly -50,000 in short positions on the Daily - 6 month analysis which tells me big
shorts from institutions which is why we saw the giant drop last week.
3) Both Daily and 4h are in a bearish order flow w/
the ema's crossing.
4) Momentum indicator is bearish but could possibly
be creating bullish divergence.
I will be anticipating a possible run on equal lows to
take out liquidity.
If price drops into my weekly bullish order block, then
I'd like to look for buy opportunities. This would be a
retracement and bounce off the weekly equal highs
that were broken.
We'll see. I'll stick to the plan and react based off
what price offers me. As of right now, I'm looking for
short opportunities and targeting down to my weekly bullish order block. Good luck this week & happy trading!
I'll share the barchart.com COT chart. Hopefully you guys will be able to check it out. Simply go down to "add technical study" and find " Commitment of Traders" Daily - 6 months or Weekly 3 years www.barchart.co...technical-chart?plot=CANDL...
Trade active:
UPDATE: Price never came lower.but created very very clean bullish structure. I've placed 3 trades this week on GU. currently 2/0 and floating in profits now. Looking to target 1.40200.
I know i said bearish bias, but i meant bearish early in the week and bullish to finish. Like i mentioned in my bias if you read it.
I know i said bearish bias, but i meant bearish early in the week and bullish to finish. Like i mentioned in my bias if you read it.