With every body Long the path of least resistance is right through them. Break out sell-orders on the bottom & Stop loss orders for the people who bought at the previous few lows. Should create enough energy to reach my profit target.
I'm looking for a take profit of twice the distance of the energy coil. Let's see how this plays out. Beautiful Risk Reward Ratio. Who can't afford it.
** AS ALWAYS TRADE AT OWN RISK
Comments
itaskar
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I think that there is possible move up from this point, of course I can be wrong
FaultyKid
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That is a very strong point of confluence. Logically you should buy. But In my opinion because it's overbought state it's going to shoot down in the opposite direction. Also the J61 has broken higher, could be due to the weaker dollar and not stronger yen. But let's see how it plays out.
itaskar
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yep, context is still bearish, it need to breach the red line and make it suport for some bullishnes, Iam long here because I accept 30 pips risk and because it looks like bounce on the lower blue paralel(in 4h), so the blue fork is slill working.