Trading Plan:
Horseshoe pattern - I am waiting on price to reach 165.000 to enter a long on the retrace in the golden pocket, as always I look for scalping opportunities in the main supply/demand zones, I just use S/R flip strategy for this.
Weekly:
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, from a macro perspective price is technically still in an up-trend
Daily:
Price has broken neckline low of 161.727 and has been in a retracement ever since, until price closes about 165.000 I will still say it is a retracement as opposed to a reversal. A close below 155 - 160 on the daily would be ideal to change the overall macro trend
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price continued down reaching low of 160.367 however no break and close below 160.
The impulse wave down from 165.00 to 161.500 is currently being corrected, price does appear to be making a slow bullish retracement to 165.
Price formed a descending broadening wedge which is a reversal pattern, it has played out to the target, now I am awaiting more data to confirm a solid reversal (close above on the 4hr 165.000)
Horseshoe pattern - I am waiting on price to reach 165.000 to enter a long on the retrace in the golden pocket, as always I look for scalping opportunities in the main supply/demand zones, I just use S/R flip strategy for this.
Weekly:
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, from a macro perspective price is technically still in an up-trend
Daily:
Price has broken neckline low of 161.727 and has been in a retracement ever since, until price closes about 165.000 I will still say it is a retracement as opposed to a reversal. A close below 155 - 160 on the daily would be ideal to change the overall macro trend
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price continued down reaching low of 160.367 however no break and close below 160.
The impulse wave down from 165.00 to 161.500 is currently being corrected, price does appear to be making a slow bullish retracement to 165.
Price formed a descending broadening wedge which is a reversal pattern, it has played out to the target, now I am awaiting more data to confirm a solid reversal (close above on the 4hr 165.000)