On April 26th I drew the dotted line down to $9,000 and explained that I need that area to prove itself as support before I would consider entering another long. Yesterday we saw the price dip down to $8,900 before quickly reversing.
At that point I saw two options:
Range for 3-5 days from $8,900 - $9,300
Create a higher high, and go for a $9,650 retest
We are currently breaking through resistance and are on track for option B. That is great news and has put me on red alert for the next entry.
Right now my gameplan is to wait and see how this rally plays out.I would like to see us break through $9,300 in a convincing manner and then create another higher low. I expect the current rally to take us back up to $9,650 - $9,750 where resistance will be waiting and then I expect a pullback.
If that pullback finds support above prior resistance and creates a higher low then it will be time to build a long. If all goes according to plan then I will be entering from $9,300 to $9,500.
With the price currently trading at $9,300 you may be wondering why not enter right now…
My trading style is not concerned with getting the best price, all that matters to me is taking on the least amount of risk. More confirmations and patience almost always add up to less risk.
Comment if you have something to say. Smash the like if this was helpful and definitely finger that follow!
At that point I saw two options:
Range for 3-5 days from $8,900 - $9,300
Create a higher high, and go for a $9,650 retest
We are currently breaking through resistance and are on track for option B. That is great news and has put me on red alert for the next entry.
Right now my gameplan is to wait and see how this rally plays out.I would like to see us break through $9,300 in a convincing manner and then create another higher low. I expect the current rally to take us back up to $9,650 - $9,750 where resistance will be waiting and then I expect a pullback.
If that pullback finds support above prior resistance and creates a higher low then it will be time to build a long. If all goes according to plan then I will be entering from $9,300 to $9,500.
With the price currently trading at $9,300 you may be wondering why not enter right now…
My trading style is not concerned with getting the best price, all that matters to me is taking on the least amount of risk. More confirmations and patience almost always add up to less risk.
Comment if you have something to say. Smash the like if this was helpful and definitely finger that follow!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/