- Long term setup is healthy , with Kijun support at 1287.
- Well defined , with support at 1300
- Heikin-Ashi pattern: 10 mixed weekly candles -> indecision, some correction, rather a consolidation phase. This consolidation is surprisingly less volatile. This often occurs before next major move in direction of existing trend.
haOscillator crosses up, but of course this week will depend a lot on the FED.
- EWO is , value is well above zero.
- has been showing price consolidation too. Both lines are well above zero.
- As I have been wathcing this structure for several weeks now, I have a strong feeling that a long term pattern is being formed here. Validation would come with a break and close above 1345-1350 (please see closer look on daily). If the flag gets validation, next measured tgt will come about 1475-1500.
- As I wrote yesterday, setup is absolutely neutral.
- Heikin-Ashi shows initial signal of a possible reversal: candle at and Kumo support, haDelta and haOscillator turn up, but they still below zero line.
- Bulls have to fight through upper resistances of 1330 and 1350. Above that space opens.
This is the way, how trendfollowers think! We do not fade a trend, until we have a proof of a break and reversal. We are not afraid of buying, if we see good risk/reward with high possible target, and a really well defined tight stop.
If you place stop to 1290, compared to long term possible tgt at 1475, that is more than 6 : 1 RR.
What is the worst? That we will be wrong? I have no problem with that, I am not here to raise my ego. Or that we lose 2-3 %? It should not make big harm, if you have a solid money management system :-)
For now I see this point as a good risk/reward entry level. Obviously we don't have to go all in leveraged. That we can do later, if price action confirms and price shoots higher.
However I will look for a buy signal once more at 1310-15 level!
Note: I had a Platinum long on too. There we lost 7 pips today as 4H setup failed, and tight stop got triggered.