Opening and closing a daily below the 200 indicated a hit the 300 .
With the 55 and 150 emas beginning to cross, we should expect to see the lower side targets
labelled here, based on Price Action (Previous ) (Note that we are at a strong level of support here. I am simply waiting for more confirmation)
If we open and close a daily candle under the 300 I will be going short
aiming for the 6900 (400EMA and diagonal support)
A strong bounce is very possible here at the 300EMA $7850,
Remember that can appear from nowhere, this is why I wait for confirmation either way.
I do not over speculate or over trade.
Price action based supports line up with the lower EMA's (400 500 600,) If price breaks the current 300 I go short to the 400 with a Stop Loss above the 300 and so on, I take profit or close my positions at each depending on the information I read on the chart at that point in time.
If price bounces here, I go long with my stop loss under the 300 , doing the exact opposite of the above shorting strategy.