Hey guys!
Last week we had a nice uptrend, which stopped on sunday ... now we are on downtrend again and the big question is: where will we go?
In my oppinion we got 3 possible ways:
1. (red) We fall through small support area around 2650-2600 and break through fib 62% retracement level. The midterm trendline will be broken too, and we end around 2400 where we got a big support zone.
thats not very likely to me, and i give it a 20% chance.
2. (orange) Small Support will be broken, but we stay next to 62% fib retracement, and bounce back from trendline. Then we got the problem that our last support will be resistance, and we will have problems to get over it again.
----> sidewards movement, with possibility for breakout within the next days or maybe 1-2 weeks. 40% chance
3. (green) Small Support area will be tested, 62% fib level keeps it strong, and we got a nice bounce back now. Next stop would be 2900 and 3000. 40% chance
My choice: I wait until support area will be tested successfully. If not: I am fully out, and wait for good buying opportunitys. If we stay strong, i buy around 2700 and hope for fast 10%.
Happy trading!
!! Mention: That is my personal opinion, no trading advice. Its your money, your trade, your risk and your responsibility.
Last week we had a nice uptrend, which stopped on sunday ... now we are on downtrend again and the big question is: where will we go?
In my oppinion we got 3 possible ways:
1. (red) We fall through small support area around 2650-2600 and break through fib 62% retracement level. The midterm trendline will be broken too, and we end around 2400 where we got a big support zone.
thats not very likely to me, and i give it a 20% chance.
2. (orange) Small Support will be broken, but we stay next to 62% fib retracement, and bounce back from trendline. Then we got the problem that our last support will be resistance, and we will have problems to get over it again.
----> sidewards movement, with possibility for breakout within the next days or maybe 1-2 weeks. 40% chance
3. (green) Small Support area will be tested, 62% fib level keeps it strong, and we got a nice bounce back now. Next stop would be 2900 and 3000. 40% chance
My choice: I wait until support area will be tested successfully. If not: I am fully out, and wait for good buying opportunitys. If we stay strong, i buy around 2700 and hope for fast 10%.
Happy trading!
!! Mention: That is my personal opinion, no trading advice. Its your money, your trade, your risk and your responsibility.
Trade closed: stop reached:
Hope your stopped worked ...
Buytarget: 2400
:/
Buytarget: 2400
:/