Yesterday I was waiting further confirmation before looking for an entry. My ideal scenario was a $9,650 retest and then a higher low around $9,300 - $9,500. The price didn’t quite get to the $9,650 area but it did create a higher high.
Now it appears to be forming a higher low. The last two candles have a bullish shadow and I like the hammer that just closed. I have started to build my position and am using $8,838 as my stop loss.
It wouldn’t surprise me if we continued to pull back to $9,000 where horizontal and trend support will be waiting along with the 50 day SMA.
I have only entered 50% of my position and would add the other half from $9,000 - $9,150.
Happy trading and keep in mind that following is free!
Now it appears to be forming a higher low. The last two candles have a bullish shadow and I like the hammer that just closed. I have started to build my position and am using $8,838 as my stop loss.
It wouldn’t surprise me if we continued to pull back to $9,000 where horizontal and trend support will be waiting along with the 50 day SMA.
I have only entered 50% of my position and would add the other half from $9,000 - $9,150.
Happy trading and keep in mind that following is free!
Comment:
Just realized that I made a couple mistakes. The stop loss is set at $8,595. There is too much support from $8,700 - $8,800 to sell there. Also this is the 2 hour chart you are looking at. It doesn't change the analysis but I thought I should clarify. I am hungover and need to get something to eat.
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