After the off the cliff drop from 65 back down to 59 within a day on the 8th January, we've been squeezing with a decent level of support at 58.9. A solid break above 59.3 should put us on track to reach 60.2 - 60.5 levels. After this we enter 61 and than 62 - 62.5 levels.
My current strategy is to exit with Renko bricks that have wicks in the opposite direction to my trade. Likewise if I get a signal in the opposite direction. Keep in mind the phase 1 china deal that is meant to be signed on the 15th January. Expect some market moves. Likewise the ongoing Iran news keeps us all on our toes.
Good luck trading next week.
My current strategy is to exit with Renko bricks that have wicks in the opposite direction to my trade. Likewise if I get a signal in the opposite direction. Keep in mind the phase 1 china deal that is meant to be signed on the 15th January. Expect some market moves. Likewise the ongoing Iran news keeps us all on our toes.
Good luck trading next week.
Comment:
Renko with a 1h timeframe. It shows the squeezing in more detail.
Comment:
The bears have it today!. No trade entered
Order cancelled