Quick follow up on my last update...
We're definitely in the danger zone, trading here is really tricky.
I was pretty confident buying in around 7450-7500 and used a very tight stop loss, and got stopped out :(
I think I'll try to take my own advice and wait patiently for a powerful breakout move in either direction to make a confirmation trade!
We haven’t seen a wave 5 end on a nice confluence of fib levels…. that makes me believe we could still be waiting for the wave 5 bottom as shown in the chart with the reddish rectangle.
Also note the downsloping channel that might bring us down to those lower fib levels before we see a bottom and bounce. But right now we are trending back up in the channel.. so lets watch this action throw down!
Good luck and use extreme caution trading!
I ALWAYS recommend using stop losses at a level you are comfortable with. Taking a 5 or 10% loss is painful, but the alternative is making the wrong decision altogether on the bull/bear deathmatch, and getting really stuck deep!
LLCoolRS
If you find these posts useful and helpful, please follow me, like my posts, share, and comment!
The more positive feedback I get, the more motivated I am to post and update!
Disclaimer: This is not financial advice, and is given for educational purposes only. I make the charts, you make your own trades. Never blindly follow internet advice for your financial decisions... any analyst can and will be wrong.
We're definitely in the danger zone, trading here is really tricky.
I was pretty confident buying in around 7450-7500 and used a very tight stop loss, and got stopped out :(
I think I'll try to take my own advice and wait patiently for a powerful breakout move in either direction to make a confirmation trade!
We haven’t seen a wave 5 end on a nice confluence of fib levels…. that makes me believe we could still be waiting for the wave 5 bottom as shown in the chart with the reddish rectangle.
Also note the downsloping channel that might bring us down to those lower fib levels before we see a bottom and bounce. But right now we are trending back up in the channel.. so lets watch this action throw down!
Good luck and use extreme caution trading!
I ALWAYS recommend using stop losses at a level you are comfortable with. Taking a 5 or 10% loss is painful, but the alternative is making the wrong decision altogether on the bull/bear deathmatch, and getting really stuck deep!
LLCoolRS
If you find these posts useful and helpful, please follow me, like my posts, share, and comment!
The more positive feedback I get, the more motivated I am to post and update!
Disclaimer: This is not financial advice, and is given for educational purposes only. I make the charts, you make your own trades. Never blindly follow internet advice for your financial decisions... any analyst can and will be wrong.
Comment:
We're at the top of the channel as Im posting.... watch the volume!