In last week analysis, I have analyzed that the price will be bullish and went to the upside. But in current situation, the price has rejected from a Daily Resistance and also a Fib level 0.5.
In last week COT report, hedge fund had closed many shorts positions while the price is in a downtrend. This is because they intended to TP on their short positions and switch to the upside. Thus, I have entered with a few long positions and gained a lots of profits. But in the latest COT report, hedge fund had started to open a few short positions. In this situation, this could be analyzed that their long positions opened in few weeks ago is to create a retrace for downtrend instead of uptrend.
In conclusion, I will wait for a sell signal inside the area of Fib level 0.5 area in 4H time frame.
Kindly take note that my analysis is based on COT perpectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.
In last week COT report, hedge fund had closed many shorts positions while the price is in a downtrend. This is because they intended to TP on their short positions and switch to the upside. Thus, I have entered with a few long positions and gained a lots of profits. But in the latest COT report, hedge fund had started to open a few short positions. In this situation, this could be analyzed that their long positions opened in few weeks ago is to create a retrace for downtrend instead of uptrend.
In conclusion, I will wait for a sell signal inside the area of Fib level 0.5 area in 4H time frame.
Kindly take note that my analysis is based on COT perpectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.