Just made a huge run up to 5900. We've created what I would consider a bullish pennant. However, somethings to consider is we have not retraced yet to .618 after the $1000 move. RSI has been over 70. We are also veryyy far from the SMA's. 30 SMA on the 4 HR is 5233! With that being said, I would not be suprised to see this break up to 6K before a retrace.
Will go long with a break of $5800 on high volume. Target 6K Break of 5650 on high volume would mean a short. Target 5500ish
Trade active
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Long @ 5830 Stop @ 5750
We didn't get huge volume but it was a pretty convincing breakout. 6K will be my target
Trade closed manually
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Don't like the price action right now. Out @ 5875. Will keep an eye for another trade
Comment
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Crazy move happened last night while I was scalping. Didn't even have time to add to my entry.
Might be finding support at 5500. On break of 5400 I will short again and target is 5200ish.
Trade active
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Short 5400. Stop 5500. Target 5200ish
Trade closed: target reached
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Closed Short @ 5150.
We'll be looking for reversal indicators for the bounce.