We have just made a lower low of $7657 since this move upwards with high selling volume and broken our February trend line (GREEN LINE) confirmed broken on lower TF which was working as support now turned resistance.
We have horizontal support at $7400 plus the 30 EMA on the D TF which has been significant throughout this last bullish uptrend.
Our TD buy setup on the 6H is on a red 8, so a 9 would be something to look out for as a reversal signal to this trade closer to $7400.
Our monthly closes today so the bears could possibly put on more selling pressure as the time gets closer a $7400 or so would abolish a bullish engulfing candlestick on the monthly.
A bounce from the $7400 area would probably take us back to test the $7750 resistance line before putting in yet another lower low "possibly".
THIS IS NOT FINANCIAL ADVICE I AM SHARING TO LEARN MORE.
Please comment if you have any thoughts on how i can improve this.
SAFU TRADING!!
We have horizontal support at $7400 plus the 30 EMA on the D TF which has been significant throughout this last bullish uptrend.
Our TD buy setup on the 6H is on a red 8, so a 9 would be something to look out for as a reversal signal to this trade closer to $7400.
Our monthly closes today so the bears could possibly put on more selling pressure as the time gets closer a $7400 or so would abolish a bullish engulfing candlestick on the monthly.
A bounce from the $7400 area would probably take us back to test the $7750 resistance line before putting in yet another lower low "possibly".
THIS IS NOT FINANCIAL ADVICE I AM SHARING TO LEARN MORE.
Please comment if you have any thoughts on how i can improve this.
SAFU TRADING!!
Trade active:
I have opened orders from $7350 until $7250.
Stop Loss below $7200 as the historical horizontal line is there or $7150 at a stretch for the 0.5 fib line but that's risky.
I can see that this area is dangerous as it is a free fall below the $7200 where the next support line would be at $6800.
Also, one more note if you trade using the sequential system 12 Hour candle on a perfected red 9 so could see the gains of this move after 15:00 UTC Friday with a strong bounce.
SAFU Trading !!
Stop Loss below $7200 as the historical horizontal line is there or $7150 at a stretch for the 0.5 fib line but that's risky.
I can see that this area is dangerous as it is a free fall below the $7200 where the next support line would be at $6800.
Also, one more note if you trade using the sequential system 12 Hour candle on a perfected red 9 so could see the gains of this move after 15:00 UTC Friday with a strong bounce.
SAFU Trading !!
Trade closed manually
Thank you :D
I will post a new trade idea very soon.