Looking at the daily chart, you can see there were 3 attempts to rebound from the 618 FIB level. The 3rd attempt had a nice bullish engulfing angle. Price action sits above 21EMA, a bullish sign for us and we took a small nibble at 69.2. We think the H&S shoulder pattern is forming in process. Once it breaks out of the triangle, it should heads towards the right shoulder which is also breaking out from the upper channel (white line). It might pull back (red arrow) giving late buyers a chance to enter the market before charing forward to 75.19 (a resistance level) where the 38.2 FIB level sits.
Comment:
breakout of flag pattern, touching the upper channel. will it breakout and touch the 50% FIB level. we shall see
Comment:
wow, it charge up fiercely today ! Congrats to those that follow. We are near 1000 profit. Take some profits if you like off the table as the 50% FIB level pose as a resistance in Sept and Oct 2016 and recently in August 2017. Will it breakout ? Possible but may be with a retrace first before going higher. So ensure your SL is not too near if you intend to ride the trend else you would be constantly catching the high price and hoping for it to go even higher. We suffered a small loss of 100 in Sugar when we bought at 15.01 and got stopped out at 14.82.
Mind your own risk appetite and trade safely. Cheers
Mind your own risk appetite and trade safely. Cheers
Comment:
nice, we made about 500 profit as our SL was triggered. we are awaiting to buy soon
Comment:
uh.oh. what is this ? double pin bar pattern ? this pattern once again reminds me to have a SL in place no matter how confident I think I am on reading the charts. The market is always right, it has no emotions and it has no pain nor gain, only we humans exercise that.
So , we wait patiently......
So , we wait patiently......
Comment:
Looks like this train has gone at high speed and waits for no one. Congrats to those who bought earlier with us and had not sold yet. You should be in deep profits.
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looking to buy at 72.48 when it pulls back
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Thank you mr Market. Congrats to those who follow