2The trade idea I posted last week, we never got the price target to set up a nice short. However, the trend was clearly down and there was no signal to long until the look below and fail on Thursday down in the 6900-6930 area.
Give the close we had Thursday/Friday, it looks like some buying algos showed up.
Weekends can change the complexion given our heightened volatility but it looks like a long trade is setting up for a test of the lower 7300s at least.
Directional Bias: Long
Price Target: 7300-7320 area
Good Entry: Retest of the speculative red trendline at 7100-7130 or a break above 7200 intraday
Risk/Reward: Max Risk of 30 points/100 pt+ Reward
Good luck to all.
Give the close we had Thursday/Friday, it looks like some buying algos showed up.
Weekends can change the complexion given our heightened volatility but it looks like a long trade is setting up for a test of the lower 7300s at least.
Directional Bias: Long
Price Target: 7300-7320 area
Good Entry: Retest of the speculative red trendline at 7100-7130 or a break above 7200 intraday
Risk/Reward: Max Risk of 30 points/100 pt+ Reward
Good luck to all.
Trade closed: target reached:
It wasn't exact but hey, target reached.
