In my last update, I said you could start initiating longs with a wide or soft stop loss because we could get an SFP (swing failure pattern).
This is exactly what happened, we took the lows for an SFP, rallied, then came back down and retested the daily at 56k before bouncing again and we have now reclaimed the monthly.
Now, if we lose the daily at 56k again we could definitely see a bigger drop to at least the low 50s, so be careful.
In my opinion the monthly was a TP1 and you can now move your SL to break even.
The more important area at 60.9-61.5k hasn't been reclaimed yet, so we are not out of the ball park.
So quick recap, the 2 major levels are :
56k to the downside (support)
60.9-61.5k to the upside (resistance)
Any questions?
Good luck traders
Remember not to break your rules
Habib
This is exactly what happened, we took the lows for an SFP, rallied, then came back down and retested the daily at 56k before bouncing again and we have now reclaimed the monthly.
Now, if we lose the daily at 56k again we could definitely see a bigger drop to at least the low 50s, so be careful.
In my opinion the monthly was a TP1 and you can now move your SL to break even.
The more important area at 60.9-61.5k hasn't been reclaimed yet, so we are not out of the ball park.
So quick recap, the 2 major levels are :
56k to the downside (support)
60.9-61.5k to the upside (resistance)
Any questions?
Good luck traders
Remember not to break your rules
Habib
