The market formed a new swing high which is lower the previous one. We can see the beginning of a correction movement on the daily chart and it's time to think about possible entry levels based on 4H chart. We can open short trades from the downtrend line everytime when price reverses from this line. Profit targets for short trades should be near 300.00 and 260.00 levels. Long trades can be opened only based on Fib levels and only after getting clear reversal signals. Profit target for long trades should be at the downtrend line.
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Thank you for sharing. I am new to trading and there is so much for me to learn. It's really cool to see your analysis. All of your posts are clear and easy to understand, although I don't know all of the trading terms yet.
Fahadafzal
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DLavror Price is 322 and you are saying profit target is 300 and 260 levels. can you please explain this i am kind of new to this. thank you
DLavrov
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@Fahadafzal, we have a down movement, it means that the market falls, and these levels can be possible reversal zones
Fahadafzal
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@DLavrov, Ok so it means we should buy from 260 to 300 ?
DLavrov
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@Fahadafzal, it means that if price drops to these levels and bounces from these levels, it will be good levels for long trades. But not now when the market is overbought
Would you just hold for a few weeks when bought around 335? Or better sell if we hit 330-340 during this downtrend line for damage control?
DLavrov
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@Filthy_, if you trade based on short term targets, it's better to sell from the downtrend line and buy from Fib levels after reversals. If you invested in this market, you should hold your long trades. You will need to close your long trades only after getting confirmation that this up trend is going to reverse.