Yesterday I was very happy to see us break the the 0.382 FIB resistance as well as the log trend line! In daily update I also mentioned that $8,900 - $9,000 would be the next area of resistance and that's where we pulled back today.
From here I expect it to be smooth sailing for the next week. This is when it is very easy to get complacent and/or greedy. Stay focused and stick to the plan. Manage stop losses and always stay on your toes! Talking to myself as much as anyone else.
Keep an eye on the trend line we supported from the 17th - 20th. I expect us to retest that over the weekend. That could be a good area to build a position. These are 4 hour candles and there should be plenty of time to enter.
I have drawn three dotted lines to show how I think the next 7 days will go. They are based on support & resistance levels as well the daily trend of the previous few days. This is how I was able to draw the trend line on the 17th after seeing the golden cross, well before the it had been established as support!
I have a very hard time predicting the intra day moves and I rarely day trade. That is why those lines are dotted, I would only use them as a way to plan for entering a long and/or taking profit, not as individual trades themselves.
We also supported big selling volume two candles ago without closing below $8,700. I view that as a good sign that this pull back will be short lived. We might blow right through my trend line and go for a FIB retest, but I wouldn't necessarily plan on it.
If not in a position $8,400 - $8,700 should be a good place to build a long. There will be resistance waiting at $9,400 - $9,500 but I don’t think we will have a problem get to $10,000 and that is where my first profit target is set.
Stop loss is at $8,119 and will be moved up each time we breakthrough resistance.
From here I expect it to be smooth sailing for the next week. This is when it is very easy to get complacent and/or greedy. Stay focused and stick to the plan. Manage stop losses and always stay on your toes! Talking to myself as much as anyone else.
Keep an eye on the trend line we supported from the 17th - 20th. I expect us to retest that over the weekend. That could be a good area to build a position. These are 4 hour candles and there should be plenty of time to enter.
I have drawn three dotted lines to show how I think the next 7 days will go. They are based on support & resistance levels as well the daily trend of the previous few days. This is how I was able to draw the trend line on the 17th after seeing the golden cross, well before the it had been established as support!
I have a very hard time predicting the intra day moves and I rarely day trade. That is why those lines are dotted, I would only use them as a way to plan for entering a long and/or taking profit, not as individual trades themselves.
We also supported big selling volume two candles ago without closing below $8,700. I view that as a good sign that this pull back will be short lived. We might blow right through my trend line and go for a FIB retest, but I wouldn't necessarily plan on it.
If not in a position $8,400 - $8,700 should be a good place to build a long. There will be resistance waiting at $9,400 - $9,500 but I don’t think we will have a problem get to $10,000 and that is where my first profit target is set.
Stop loss is at $8,119 and will be moved up each time we breakthrough resistance.
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