This is an update to a previously published chart that was presented on the Weekly Chart time-frame.
The Daily Chart gives a more in-depth view of price action that is many times totally obscured on the longer time-frame Weekly chart.
As expected the Very Aggressive Intraday Short(VAIS) failed as buyers were convinced that GS was overly discounted and were determined to reached the predetermined targets for the Day trade that was very aggressively bought. This trade reached its' 5th target to the penny and was stopped at the extreme end of the Aggressive Intraday Short.
Subsequent price action has sold down to the next Aggressive Intraday Long and is expected to reach the 1st target of this long identified on the chart.
On the short side, we have identified the 1st target but at the time of this writing, there is nothing to indicate that the AIL will fail. Still, nothing is ever certain and both sides must be analyzed as price action continues to reveal the higher probabuility entries.
The prior identified aggressive short which failed(red arrow), occasioned a short squeeze on the daily timeframe and this is what caused the rapid rise in price up to the next price range in which shorts were willing to re-enter. Nimble aggressive intraday daytraders using these entries realized a tidy profit on the counter-trend trade of about $10 befroe reversing Long and have captured another $10 on the upturn.
Our original analysis stated that if the short failed we would expect a retest of the ST Short and we see nothing to alter that analysis at this time. Keep in mind that this short is a Short Term Short from the the perspective of the original Weekly time-frame chart.
Remember that there are traders trading on different time-frames and the most successful traders keep up-to-date on the price action for the applicable time-frames to manage their trades.
Some of our charts published on this site will show the entry range before price reaches and others will only show the targets of the relative entries. Our clients receive all entry and target information with sufficient advance notice to make informed decisions based on their personal trading style.
The Daily Chart gives a more in-depth view of price action that is many times totally obscured on the longer time-frame Weekly chart.
As expected the Very Aggressive Intraday Short(VAIS) failed as buyers were convinced that GS was overly discounted and were determined to reached the predetermined targets for the Day trade that was very aggressively bought. This trade reached its' 5th target to the penny and was stopped at the extreme end of the Aggressive Intraday Short.
Subsequent price action has sold down to the next Aggressive Intraday Long and is expected to reach the 1st target of this long identified on the chart.
On the short side, we have identified the 1st target but at the time of this writing, there is nothing to indicate that the AIL will fail. Still, nothing is ever certain and both sides must be analyzed as price action continues to reveal the higher probabuility entries.
The prior identified aggressive short which failed(red arrow), occasioned a short squeeze on the daily timeframe and this is what caused the rapid rise in price up to the next price range in which shorts were willing to re-enter. Nimble aggressive intraday daytraders using these entries realized a tidy profit on the counter-trend trade of about $10 befroe reversing Long and have captured another $10 on the upturn.
Our original analysis stated that if the short failed we would expect a retest of the ST Short and we see nothing to alter that analysis at this time. Keep in mind that this short is a Short Term Short from the the perspective of the original Weekly time-frame chart.
Remember that there are traders trading on different time-frames and the most successful traders keep up-to-date on the price action for the applicable time-frames to manage their trades.
Some of our charts published on this site will show the entry range before price reaches and others will only show the targets of the relative entries. Our clients receive all entry and target information with sufficient advance notice to make informed decisions based on their personal trading style.