I am looking to get long at around the .618 retrace around 120.50-120.30 level. I would let price test this level before getting long. Once I get long I'm looking to take profits at the 122.00 even handle. If we get a strong close above 122.00 I would then look for a retrace to get long for a longer trend continuation play to 124's. Conversely if we get to our target of 122.00 and price rejects this level. I would look for a double top to get short and take profits around 119.70's and possible all the way down to 118.50's. Good luck trading out there.
Comment:
Price rejected the .618 really well. I was filled at 120.33.