Jumping off yesterdays chart I was looking for either a break down below 3 close supports (6475, 6452, 6425) or a break up through 3 close resistances (6610, 6640, 6642). We saw the break down but it was a weak bearish move with the first break bouncing right off $6452 and giving a small bull bounce before eventually breaking down to $6399. I personally filled at $6410-6418 area and missed my fills in the $6300's with plan of just using $6320 as my stop loss for a low risk trade.
Today was uneventful until about an hour ago where the bulls made their move. I then moved from SL thinking to profit taking strategy and set my first sell at high $6500's due to seeing the 3 resistances at 6610, 6640, and 6642. We topped at $6603 but bulls trying to make their move now to get into those $6600s. I will now be patient with the remainder of my position to see if the bulls can break it. If they do not, I watch for consolidation and a 4 hour higher low and then continuation up. If bulls break down, it allows me to exit safely with a SL and know I already took some profit to make the overall trade a profitable one. These are smaller profits in an overall bearish market but same strategy applies, low risk entries with never a fear of losing more than 1-1.5% on this trade from initial entry and now feeling comfortable knowing it's profitable.
Just My 2 Sats!
Today was uneventful until about an hour ago where the bulls made their move. I then moved from SL thinking to profit taking strategy and set my first sell at high $6500's due to seeing the 3 resistances at 6610, 6640, and 6642. We topped at $6603 but bulls trying to make their move now to get into those $6600s. I will now be patient with the remainder of my position to see if the bulls can break it. If they do not, I watch for consolidation and a 4 hour higher low and then continuation up. If bulls break down, it allows me to exit safely with a SL and know I already took some profit to make the overall trade a profitable one. These are smaller profits in an overall bearish market but same strategy applies, low risk entries with never a fear of losing more than 1-1.5% on this trade from initial entry and now feeling comfortable knowing it's profitable.
Just My 2 Sats!
