After loosing a key Weekly on a move to the downside, next question is where to next right? Spent the morning trying to second guess the market and in essence try predict the price. Garbage. Trade the moment and whats in front of you. Knowledge is power.
Well respected in my opinion backed by some decent fibs is a descending triangle. Fibs drawn from highs to lows, where 0.618 resistance levels within the triangle seem to be well respected. The 3rd of which is an estimate.
Breakouts, I suspect are outside the triangle, with each of the previous Fibs at 0.618 acting again as resistance. Target low should the price break down, be the fib extensions 1:1, in red. 1 particular of interest is the nPoc at 22,500.
Note: 4 consecutive days where the price hasnt broken higher then the day (or previous day close). Ill consider bullish momentum should we break above yesterdays close price, especially a closing a day.
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Nice reaction, i.e. long wick (bounce from daily support at approx. 22,783).. Trading long at retest of Previous Day Value Area Low at 22,800.
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Actually, trading the levels. There s a daily support at the last fib extension, daily at 22,650 (not drawn). Play level by level. Missed that 1st daily support. Trying to second guess the market and not playing the levels! Not good. Learn from mistakes!
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22725.0 was an nPoc!
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Anyway. Next level of resistance given time is 12 hr close. 22,983. Approx. pmPoc (Previous months poc). Massive resistance level.
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Thought to self. Dont trade resistance. Rather trade support levels. If trade the top, trade breakout. Know the levels of resistance above, i.e. Fibs 0.618 resistance and timely resistance areas. Buy low sell high :)
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Weekly support areas are between 22,550 and 22,600. (thumbs up!)