Hey guys, i do not usually use trendlines in my analysis but sometimes they are useful in order to catch the early stage of a reversal, along with usual structure. The black line represents a strong daily structure that rejected price action as soon as it touched it. Therefore i'm assuming this could be a key point for a big reversal. Now, in this cases i wait for a break of structure to the upside in order to confirm my view: this time price broke both the trendline and the structure, giving us a strong clue on what it's going to do. Always remember that we don't want to chase price, instead we wait for it to come in our comfortable zones so that we can get a better risk to reward. As of now, i'm waiting to see what's price reaction to 618 level (together with some structure). I'll keep you updated.
If you want to share your view, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
I am in a buy trade based on a channel that started in Jan 2017. I bought in at 76.597. Too soon? Clearly, but is it going up? Yes, NOW it looks to be going up. Even thhe RSI is going yp (H4).
Roker1
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@Glendooie, I don't see any reason to enter a trade at that level. However if it met the strategy rules that's a good trade. Hope well!
Glendoonie
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@Roker1, I did well on selling the yen after the weekend slippage. But now that has gone I am looking to buy with caution if at all.
Roker1
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@Glendooie, price after the weekend gap is still in a very high location, so i'm waiting to see a bigger retracement in order for me to consider a long opportunity.