As an update to www.tradingview.com/v/tmAPRbhK/ this chart identifies two Longs that are of interest at this time for traders/investors who are basing their trades on the day time-frame chart.,
The Aggressive Intraday Long is being bought and we have identified the first target. Likewise we have identified a Short Term Long that should attract alot of attention from buyers if the price continues to retrace.
The Intraday Short has reached the 1st target and if there is no positive catalyst to the upside, we would expect a bounce and then a continuation of the pullback down to the all important 2nd target of the Intraday Short.
In the case of a continued pullback, it will be of particular interest to note whether the ST Long is aggressively bought before the 2nd short target is reached.
Note that price has not bee able to break the LT Short. This is a typical price reaction but you can be certain that many "weak hand" longs have covered their positions and are adding fuel to the sellers. Is this a head fake or a real deeper retrace? IF price can recover back to the 683 level many will be watching for the possible formation of a classic H&S pattern.
This chart is another example that demonstrates the necessity of not only knowing where to enter with precision in the direction that you are trading, but also understanding where that analysis will meet resistance as well as support. A crucial need also is to understand what the market and profit targets are.
The Aggressive Intraday Long is being bought and we have identified the first target. Likewise we have identified a Short Term Long that should attract alot of attention from buyers if the price continues to retrace.
The Intraday Short has reached the 1st target and if there is no positive catalyst to the upside, we would expect a bounce and then a continuation of the pullback down to the all important 2nd target of the Intraday Short.
In the case of a continued pullback, it will be of particular interest to note whether the ST Long is aggressively bought before the 2nd short target is reached.
Note that price has not bee able to break the LT Short. This is a typical price reaction but you can be certain that many "weak hand" longs have covered their positions and are adding fuel to the sellers. Is this a head fake or a real deeper retrace? IF price can recover back to the 683 level many will be watching for the possible formation of a classic H&S pattern.
This chart is another example that demonstrates the necessity of not only knowing where to enter with precision in the direction that you are trading, but also understanding where that analysis will meet resistance as well as support. A crucial need also is to understand what the market and profit targets are.