Weekly analysis for ZSF2021 Week 46: 09 to 13 November 2021
Market was pushing the price higher and made a new Higher High last week. The Head and Shoulder formation was not happening, on Friday the momentum was slower and today not much happening too in Asian session. Overall trend is still bullish, but don't jump to the band wagon now; we better wait at a retest level to long.
My personal trade call for this week: Buy Limit at $1,084 Stop Loss at $1,061 Take Profit at $1,130 RR = 1.92R
Special note: As there is no reference on the Take Profit, we do not know how bullish it will be. My advise, watch for the Price Action in H1 and H4; they will give you an early warning whether to close manually or let it ride. If I happen to watch it, I will update it here on comment section.
Disclaimer: The analysis above for educational purposes only, I do not responsible for your losses. Please adjust your own lot-sizing according to your appetite. If you are benefiting from my trade opinion, please buy me coffee. As always, move your SL when you are in the profit zone.
@machintose At what level would you short? We're going parabolic and over-extended, but plenty to point bullish yet.
machintose
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@farmerisland, based on PA (Price Action) on D1, H4 and H1; on Monday, the bullish momentum was slowing down and I was waiting to Long at the retest level $1,084.
But if we see today, the thrust is great and no sign of slowing down yet.
Back to your question:
At what level I will short?
(1) Conservatively, $1,084 is the safest level to confirm whether the bullish trend is ended.
(2) For a speculative trade, I will only short when I see the Seller is back in the market with a big volume.
For now let it fly, I missed my trade this week.
If you are asking how high this will fly? I can't tell, there is no reference for me to gauge.
farmerisland
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@machintose, thanks! I agree, there's hardly much for nearby resistance or reference to gauge by at these levels. Easy to throw out indicators when momentum is this strong. Wave analysis points to around the 11.68 for potential peak, but who knows...
Thank you for clarifying the 10.84 point as a switch confirm.