18MAR18 - AUDEUR - ICE CHART. LONG ENTRY

UPON REACHING THE SUPPORT LEVEL OUTLINED WE WOULD BE LOOKING TO THE 4Hr AND 1Hr CHART TO GO LONG FROM THE CIRCLED AREA.

1HR CHART WE WANT A BOTTOMING PATTERN TO APPEAR, THIS TO THEN START INFLUENCING THE 4HR WITH A BREAK OF THE 50 EMA TO ACT AS SUPPORT.

KEEP A SAFE STOP DISTANCE, I HAVE INDICATED THE WHITE DASH LINE AS A LEVEL TO PLACE YOUR STOP BELOW. THE EXTREME LOW OUT OF THE 5 PREVIOUS TOUCHES WOULD BE BETTER.

MAKE SURE YOU HAVE ENOUGH REWARD TO RISK ON THE TRADE. IF YOU DON'T, THEN SIMPLY DON'T ENTER IN ON THE TRADE.

BULLISH MACD IS ALREADY PRESENT ON THE DAILY CHART AND VERY OBVIOUS. THIS MAY INFLUENCE BULLS EARLY TO ENTER LONG. SOMETHING ELSE TO WATCH. IF IT CONTINUES TO DEVELOP IT WOULD LINE UP WITH THE CIRCLED AREA.

CONSOLIDATION MAY ALSO PLAY OUT ON THE DAILY ALONG THE ORANGE LINE. WAIT FOR PRICE TO GET DOWN THERE FIRST AND WE WILL UPDATE THE IDEA THEN.

Comment:

So we have reached the described level, now lets wait for a while to get some deceleration. Alternatively a break and move lower. Waiting for price action to show us the highest probability set up before thinking about entering.
One long day in amongst seven bear days, so we are still accelerating currently.