Well as you can see, the market is going sideways. And we are all hopeful that it will soon go from sidwase to an uptrend again. Although, for now we are still led to believe that the bears will win. Until we see a noticeable uptrend.
Trading short at the top of the 2nd purple trend line marked with a -19 degree angle would be my opinionated position to open short. And trading short until we reach the green line where the Fibonacci tell us the trend may change direction is my opinion as to where you should close the trade.
Trading short at the top of the 2nd purple trend line marked with a -19 degree angle would be my opinionated position to open short. And trading short until we reach the green line where the Fibonacci tell us the trend may change direction is my opinion as to where you should close the trade.
Comment:
This when the bulls will start to push the price up. Once it hits the $480 - $500 price range is when we will start to sell the bears start to win again. If you did not jump onto the trade yet, you still can in that price range and trade short to the green line. That is where in my opinion you should close the trade until you see which direction it goes.
Trade active:
It basically hit the green resistance line we where looking to hit. You could have closed the trade there. Right now It is back up to $480 - $500 range. So IMO now would be the best time to open the trade short to the green line. Then close the trade.
Comment:
Still going sideways. Any day now it should drop down to the green resistance line.
Trade closed: target reached