Currently, I'm taking a look at the 1H chart.
Looking at the 4H chart, you'll see signs of it being bullish, but I'm waiting for the candle to fully close out before making any calls I would expect us to need to see a closeout around 120-122 within the next 90 minutes to further determine our direction.
I understand the temptation to buy is strong right now, but this is a trade that needs to play out over the next few hours for us to confirm the appropriate course of action. Be careful not to get locked out here, as it may be heading down, which is what my current inclination is, but I will make my decision within the next 90 minutes ultimately.
Trade safely and have fun! I will be updating you all some time soon.
Looking at the 4H chart, you'll see signs of it being bullish, but I'm waiting for the candle to fully close out before making any calls I would expect us to need to see a closeout around 120-122 within the next 90 minutes to further determine our direction.
I understand the temptation to buy is strong right now, but this is a trade that needs to play out over the next few hours for us to confirm the appropriate course of action. Be careful not to get locked out here, as it may be heading down, which is what my current inclination is, but I will make my decision within the next 90 minutes ultimately.
Trade safely and have fun! I will be updating you all some time soon.
Comment:
I now feel more confident that we're going back to a downtrend, and my suspicions about the high being a bull trap were right. Be sure to analyse the graphs with data, rather than your emotions. I know it's hard to do at times, but it's the only way to ensure you're truly mitigating your losses.
Comment:
Whereas Friday's run from 103 was a rally up, we saw a modest bounce followed by a very clear progression down as I write this. Are we getting ready to test the 80s? Me thinks yes.
Whereas Friday's run from 103 was a rally up, we saw a modest bounce followed by a very clear progression down as I write this. Are we getting ready to test the 80s? Me thinks yes.