BIG BOY: Overall Trend
Huge Uptrend for Several days. Market came up and tested and made an Engulfing Bullish Candle breaking through the Long Term trend line.
Next Day Market Made a Wicked Engulfing Bearish Candle, breaking back below the LT Trend Line.
Now: Current Market Conditions
On the 4 hour chart, the market retested and was held below 32.8 PRZ based off of the Downward move.
Confirmation 1 - Tweezer Tops: Formed on 4 Hr.
Confirmation 2 - 4HR EMA{RED} UNDER SMA{BLUE} indicators, meaning sellers are in control of present market price action.
Entry - 147.968
SL - 148.250 (28 Pips)
TP - 147.000 (96 Pips)
Huge Uptrend for Several days. Market came up and tested and made an Engulfing Bullish Candle breaking through the Long Term trend line.
Next Day Market Made a Wicked Engulfing Bearish Candle, breaking back below the LT Trend Line.
Now: Current Market Conditions
On the 4 hour chart, the market retested and was held below 32.8 PRZ based off of the Downward move.
Confirmation 1 - Tweezer Tops: Formed on 4 Hr.
Confirmation 2 - 4HR EMA{RED} UNDER SMA{BLUE} indicators, meaning sellers are in control of present market price action.
Entry - 147.968
SL - 148.250 (28 Pips)
TP - 147.000 (96 Pips)
Trade closed: stop reached:
Market still had a lot of bullish momentum, hit stop loss. Will probably hit 61.8 area before continuing down.
Comment:
The market is currently in the process of closing out / making resistance at fib levels towards completing expansion move.