Let's keep it short, this week the price will be in ranging mode. The range is between $1,338 to $1,280. If you have shorted earlier, you can take profit some of your positions and keep some until it hits full TP at $1,280. If you are a speculator, now it is a good time to Long (buy) the market, but you must exit at $1,338 area; then switch to Short the market. In general, when the market is in ranging, we can scalp it Up and Down.
@machintose If we close above 13.70 today, that would point to more gains yet. I'm curious what your updated view is, or did you get flat already?
machintose
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@farmerisland, I exited early at $13.54 because that is a swap zone (previous support becomes resistance).
Overall structure is still bearish because there is no Higher High (yet), if you are using Fib measurement (check the previous High to the recent Low), there are 3 pivotal zone:
(1) 0.38 to 0.50, which is my earlier Supply Zone.
(2) 0.618 which is a swap zone at $13.54
(3) 0.78 to 0.86 which is the upper band of Supply Zone.
Which level I usually use? I look to the "left" to see if this "level" has any significant price action in the past.
Currently I am waiting some actions at $13.75 if today breaks higher, it means down trend is broken.
I will switch gear to Long and my target is $14.06
Second scenario, $13.54 is a significant level now, if the price closed lower than $13.54; I will short again and my target is $12.80
That's my view on today's outlook (pre-market).
farmerisland
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@machintose $13.54 looks to be a good sell target by my view now.
machintose
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@farmerisland, $1,354 is a swap zone (H4) which is also a good area to sell. Mine was a bit lower, because I was using Supply Zone marking.