My previous bias was still short, but price moving above 57.75 yet again invalidated this.
57.75 is now my new line in the sand. Above I'm after longs, below I'm after shorts.
A couple of interesting things to note:
- D+ is above 20 yet again, indicating the bulls are showing some strength and might have woken up from their multi-month coma.
- Ichimoku still shows mixed signals and is probably overall more short than long, but price has moved above the Tenkan Sen. In the short term, the Tenkan Sen at 57.75 is now my new line in the sand. In the medium to long term I'm still not sure it'll really take off north.
- IF it goes long, I expect it to be a fairly choppy ride back to 70 (and maybe eventually 80) because fundamentally nothing supports a rocket-style launch to the sky. The 3 "X" mark areas where I'm expecting choppiness.
- ADX is still below 20, something to keep in mind. Generally a new trrend is only really confirmed if ADX is above 20, so for now, more ranging crap is totally possible. We're getting close though, just 5 points below the magic mark!
As price is above my line in the sand, I am now in favor of longs. Having said that, I'm not telling you to go long "right now"!! It's just my medium term daily chart analysis giving me a bias for H4 analysis and eventually entries on the H1 and M15.
Cliff notes: Long above 57.75, short below 57.75, potential ride to 70 will be choppy and more ranging is still possible
57.75 is now my new line in the sand. Above I'm after longs, below I'm after shorts.
A couple of interesting things to note:
- D+ is above 20 yet again, indicating the bulls are showing some strength and might have woken up from their multi-month coma.
- Ichimoku still shows mixed signals and is probably overall more short than long, but price has moved above the Tenkan Sen. In the short term, the Tenkan Sen at 57.75 is now my new line in the sand. In the medium to long term I'm still not sure it'll really take off north.
- IF it goes long, I expect it to be a fairly choppy ride back to 70 (and maybe eventually 80) because fundamentally nothing supports a rocket-style launch to the sky. The 3 "X" mark areas where I'm expecting choppiness.
- ADX is still below 20, something to keep in mind. Generally a new trrend is only really confirmed if ADX is above 20, so for now, more ranging crap is totally possible. We're getting close though, just 5 points below the magic mark!
As price is above my line in the sand, I am now in favor of longs. Having said that, I'm not telling you to go long "right now"!! It's just my medium term daily chart analysis giving me a bias for H4 analysis and eventually entries on the H1 and M15.
Cliff notes: Long above 57.75, short below 57.75, potential ride to 70 will be choppy and more ranging is still possible