This will be my first analysis of futures, forgive me if there's a shit load going on here. Due to the lower cost options, lower risk, and higher liquidity; I am going to begin trading options on futures. I'll be closely monitoring this to see how price follows this analysis. Please, if there's any futures traders out there, I would kindly take your criticism and/or any helpful tips and tricks as I begin this journey through trading futures. Thank you!
So there's a few things here, I wouldn't feel comfortable entering anything at the time but there's key levels that i'll be watching:
1. If 4237 resistance can break, I see long continuation with clear profit targets at the 4310-4340 range.
2. If price falls below 4199 there's a chance it could fall hard with the first stop being the .382 fib retracement at 41.57 and possibly further being that I am seeing weakness in price structure on the daily.
3. I noticed a nasty double-top on the daily chart with a rounding top indicating the aforementioned weakness in price structure. Seems like momentum is being lost. The fact that it didn't fall immediately after that last 1day doji gives me hope for the bulls
The daily: double top + rounding top
So there's a few things here, I wouldn't feel comfortable entering anything at the time but there's key levels that i'll be watching:
1. If 4237 resistance can break, I see long continuation with clear profit targets at the 4310-4340 range.
2. If price falls below 4199 there's a chance it could fall hard with the first stop being the .382 fib retracement at 41.57 and possibly further being that I am seeing weakness in price structure on the daily.
3. I noticed a nasty double-top on the daily chart with a rounding top indicating the aforementioned weakness in price structure. Seems like momentum is being lost. The fact that it didn't fall immediately after that last 1day doji gives me hope for the bulls
The daily: double top + rounding top