While I precisely saw the major bullish divergence around 8,85 low, I missed this bullish reversal and breakout trade. (I traded EURCAD long instead). But some people may still have bullish position, so I thought I share my view and a few warning signals.
Daily: - Ichimoku is bullish. In fact it is "too bullish", price is far above 9,0150 equilibrium, marked by Kijun and forward Senkou B -> overbought condition, market should consolidate and let averages catch up, or pull back a bit towards equilibrium. - Heikin-Ashi is bullish, but it's already clear that haDelta and haOscillator have started to build some short term negative divergence. haOscillator is below central line. - Possible short term bearish wedge pattern is forming, as the price increase was very agressive from the lows. - EWO is bullish, but it might print a double top in value - MACD is bullish, with lines slowly converging
4H: No more additional info here, just to see more precisely the supports: 9,1865 / 9,14 - 9,1560 / 9,10
Startegy: If you are long, sell covered calls and/or reduce some of your bullish exposure in 9,21-9,25 zone
Comments
TAJIR_B
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seems we r back to the long side, i am in with small pos.
Kumowizard
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yeah, the buy signal in fact came around 9,13. It was a nice one if you re-enterred. I did very small unfortunately. @TAJIR_B,
TAJIR_B
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@Kumowizard, yup i entered late here on 1h, i am short time trader, but looking at higher tf seems we can go to 9,4 or 9,5