Pull back or just top consolidation? (Multi time frame update)
Weekly:
- Very promising in the long term, we likely see the start of a new major bullish trend. However for strategic bulls Ichimoku needs to give one more confirmation: Chikou cross above Kumo cloud.
- Heikin-Ashi signals minor loss of momentum after decent rally from Kijun to a new high above 1100. haDelta/SMA3 cross down, but still weell above zero.
- EWO and MACD are bullish.
- Supports: 1029 (Tenkan) / 1005 (100wma and Senkou A) / 970 (Kijun)
Daily:
- Ichimoku setup is bullish on daily time frame too: Price is above Kijun and Kumo, Tenkan-Kijun-Chikou all above Kumo, averages point up.
- Heikin-Ashi has delieverd warning about momentum loss and a possible local top for 4 days. Today candle may confirm pull back if stays red without upper wick and closes below Tenkan (9 days avg). PSAR is hit.
haDelta/SMA3 dips below zero line
-EWO is bullish
4H
- Ichimoku turned neutral: price in Kumo and below Kijun. Averages are flat. Chikou below past candles
- Heikin-Ashi has bearish bias with a new haDelta/SMA bearish cross below zero line!
Profit taking and CT Selling can accelerate below 1075!
- EWO slips into negative
Strategy:
For about a week now I called your attention to take profit and lighten up long positions. Now we have more warning signals that it may be a prudent decision to at least take partial profit.
As I said, the long term picture remains very supportive for bullish investors, but short term we can see more profit taking.
We have following choices:
1. Strategic investors may consider selling slightly OTM short dated calls on their long positions.
2. Swing traders should close longs for now, and look to re-enter at major strategic supports in case mkt delivers bullish signals again.
3. More advanced/experienced traders who are really disciplined and have sound risk management system can try 0,5 risk unit swing short with tigh trailing stop starting at 1100, possible tgt 1035.
P.s.: What did I do? As I hold my startegic metal long position in Gold, I closed all my longs in Platinum. But as usual, it was a bit too early (1076 avg), mkt moved slihgtly higher from there. Now I have 0,5 unit CT short, which I opened in last few days at 1096 avg. This short is more or less safe already with its stop loss at 1100.
- Very promising in the long term, we likely see the start of a new major bullish trend. However for strategic bulls Ichimoku needs to give one more confirmation: Chikou cross above Kumo cloud.
- Heikin-Ashi signals minor loss of momentum after decent rally from Kijun to a new high above 1100. haDelta/SMA3 cross down, but still weell above zero.
- EWO and MACD are bullish.
- Supports: 1029 (Tenkan) / 1005 (100wma and Senkou A) / 970 (Kijun)
Daily:
- Ichimoku setup is bullish on daily time frame too: Price is above Kijun and Kumo, Tenkan-Kijun-Chikou all above Kumo, averages point up.
- Heikin-Ashi has delieverd warning about momentum loss and a possible local top for 4 days. Today candle may confirm pull back if stays red without upper wick and closes below Tenkan (9 days avg). PSAR is hit.
haDelta/SMA3 dips below zero line
-EWO is bullish
4H
- Ichimoku turned neutral: price in Kumo and below Kijun. Averages are flat. Chikou below past candles
- Heikin-Ashi has bearish bias with a new haDelta/SMA bearish cross below zero line!
Profit taking and CT Selling can accelerate below 1075!
- EWO slips into negative
Strategy:
For about a week now I called your attention to take profit and lighten up long positions. Now we have more warning signals that it may be a prudent decision to at least take partial profit.
As I said, the long term picture remains very supportive for bullish investors, but short term we can see more profit taking.
We have following choices:
1. Strategic investors may consider selling slightly OTM short dated calls on their long positions.
2. Swing traders should close longs for now, and look to re-enter at major strategic supports in case mkt delivers bullish signals again.
3. More advanced/experienced traders who are really disciplined and have sound risk management system can try 0,5 risk unit swing short with tigh trailing stop starting at 1100, possible tgt 1035.
P.s.: What did I do? As I hold my startegic metal long position in Gold, I closed all my longs in Platinum. But as usual, it was a bit too early (1076 avg), mkt moved slihgtly higher from there. Now I have 0,5 unit CT short, which I opened in last few days at 1096 avg. This short is more or less safe already with its stop loss at 1100.
