The chart above is how I plan to trade HSI in the coming weeks.
I'm expecting some ranging to go on. At times, it'll look like a break-up/break-down only to pullback and close below/above a critical price area (resistance/support). If you are late to the move, don't chase it! You can try to wait at to enter a trade using your own method of entry at the 4 ellipses.
Let me explain. *1st ellipse* I'll be expecting a trap move down coming up (Not able to predict the timeframe; days? weeks?), BUT when it does happen, do take note of these...
1st ellipse - Currently, Purple box is acting as a support. Expecting a false break to at least 24000 (below this is definitely likely).
See how price reacts and close before making a decision to Buy.
2nd ellipse - Short term resistance from trendline. See if you want to do an intra-day/s short.
3rd ellipse - If there is a breakout(finally) from 2nd ellipsed area, price will want to retest that same purple line. Using your method, see if you want to go Long.
**4th ellipse - Depending on how cautious the market is from here (see how the candles form to reach this point), I'm expecting price to lightly touch and retrace immediately or 'burst' through the outer purple resistance trendline for a false break and thereafter retrace and swiftly start dropping.
*Posting this in advance as a plan (if it happens) as I do not seem to have time to post updates during the day while I trade intraday on other indices or currencies. There are of course more trades to take on the HSI than the above mentioned plan but intraday trades are taken based on the day's bull/bear strength and constant formation of candles so it's more difficult to post those with proper analysis. By the time those are posted, the move may already have begun and I usually don't see many views within 20mins (most come after 45 mins to an hour after) from the post like the USDCAD post I did recently (link below) and the move to TP was over in half an hour. TV may not be the right place for almost 'live' trade ideas.
Anyway, Good luck and see you in the money!
I'm expecting some ranging to go on. At times, it'll look like a break-up/break-down only to pullback and close below/above a critical price area (resistance/support). If you are late to the move, don't chase it! You can try to wait at to enter a trade using your own method of entry at the 4 ellipses.
Let me explain. *1st ellipse* I'll be expecting a trap move down coming up (Not able to predict the timeframe; days? weeks?), BUT when it does happen, do take note of these...
1st ellipse - Currently, Purple box is acting as a support. Expecting a false break to at least 24000 (below this is definitely likely).
See how price reacts and close before making a decision to Buy.
2nd ellipse - Short term resistance from trendline. See if you want to do an intra-day/s short.
3rd ellipse - If there is a breakout(finally) from 2nd ellipsed area, price will want to retest that same purple line. Using your method, see if you want to go Long.
**4th ellipse - Depending on how cautious the market is from here (see how the candles form to reach this point), I'm expecting price to lightly touch and retrace immediately or 'burst' through the outer purple resistance trendline for a false break and thereafter retrace and swiftly start dropping.
*Posting this in advance as a plan (if it happens) as I do not seem to have time to post updates during the day while I trade intraday on other indices or currencies. There are of course more trades to take on the HSI than the above mentioned plan but intraday trades are taken based on the day's bull/bear strength and constant formation of candles so it's more difficult to post those with proper analysis. By the time those are posted, the move may already have begun and I usually don't see many views within 20mins (most come after 45 mins to an hour after) from the post like the USDCAD post I did recently (link below) and the move to TP was over in half an hour. TV may not be the right place for almost 'live' trade ideas.
Anyway, Good luck and see you in the money!
Comment:
Oh, one more thing, where the arrows end and ellipses may not denote the exact price. I haven't found the way to predict how price want to move to get to the support and resistances *winks*. This whole plan will be based on IF they get to that purple trendline/s resistances or green line's support etc. Try to get confluence with other support and resistances when entering your trades!
Comment:
Will we get to our 1st ellipse this week?
The selloff on in the morning seems to have strength for it.
Let's see how the daily candle close.
The selloff on in the morning seems to have strength for it.
Let's see how the daily candle close.
Comment:
Has hit the lowest support line of the descending channel and temporarily rejected it. Will it rise?
