Following this mornings Lower Low, Lower close, breaking previous structure, I would expect a move to the downside. Looking at previous structure lows, the next area to look for targets would be around 134.34s.
We would now expect previous support to now become resistance so waiting for the market to push up into previous support/resistance before looking for confirmation for entering the trade.
I will be paying close attention to the lower time frame for reasons to enter to tighten up stops. Those who are expecting a longer term move, can easily put stops above previous structure and enter at market.
Good luck in the markets this week.
Comments
Moltenmetal
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I've got a support at 135.00 even from the 5 Aug that seems to be holding for the moment?
Also, on the daily we seem to be sitting inside a triangle that started back in June, now approaching the lower side of it, so might bounce off that to head north again?
Akil_Stokes
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Maybe it's an opportunity to see yesterday's training lesson in real time, how awesome would that be
Akil_Stokes
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Got the same darn thing on my radar, one of the few ideas out there
Also, on the daily we seem to be sitting inside a triangle that started back in June, now approaching the lower side of it, so might bounce off that to head north again?