Over the last week or so we've seen all major indices rallying like crazy despite all the negative news and ongoing issues with covid-19. However, I think that the rally may be coming to a close shortly. As of today It's currently Easter Monday in Australia so the markets are closed. In this chart we can see:
- Potential bearish pennant coming to the apex
- convergence of price and H1 + H4 EMAs-
- Nearing closer to the Fibonacci Golden pocket which held us down recently.
What I am looking for in terms of entries:
I'm personally keeping an eye on the Golden Pocket for any chance of a rejection. Should we happen to get rejected again then we would be putting in a double top, (Bearish reversal pattern).
Important note:
BE CAREFUL. No matter how much TA or fundamental analysis you can bring to the table, we are in a completely different market situation where in a moments notice all that research could be thrown out the window. Any traditional fundamental trader can tell you that 16 MILLION jobless claims in the US alone is no reason for the markets to have one of the best weekly runs in history, so take all of this with a grain of salt and remember risk management is key. At the end of the day, you are NOT A TRADER, you are a RISK MANAGER, remember that if you want to remain profitable.
Let me know what you guys think and if you enjoyed then please consider liking and following, thanks!
- Potential bearish pennant coming to the apex
- convergence of price and H1 + H4 EMAs-
- Nearing closer to the Fibonacci Golden pocket which held us down recently.
What I am looking for in terms of entries:
I'm personally keeping an eye on the Golden Pocket for any chance of a rejection. Should we happen to get rejected again then we would be putting in a double top, (Bearish reversal pattern).
Important note:
BE CAREFUL. No matter how much TA or fundamental analysis you can bring to the table, we are in a completely different market situation where in a moments notice all that research could be thrown out the window. Any traditional fundamental trader can tell you that 16 MILLION jobless claims in the US alone is no reason for the markets to have one of the best weekly runs in history, so take all of this with a grain of salt and remember risk management is key. At the end of the day, you are NOT A TRADER, you are a RISK MANAGER, remember that if you want to remain profitable.
Let me know what you guys think and if you enjoyed then please consider liking and following, thanks!