Last week price broke the channel and continuing upward consolidation. Yesterday we saw an aggressive move by the Seller, however, it doesn't mean that the price will plunge straight-away. However, feel free if you want to short it now; in my view, the best level to short is at $1585 level/area. That's where your RR is more favourable.
So here is the signal for our discussion: Pending Short Order at $1585 Stop Loss at $1616 Take Profit at $1530 RRR = 1.56R
Good luck!
Trade active
⋅
Move your SL to $1580 and wait 4-5 more hours, if the price does not go to our Profit Zone; then close it manually.
@machintose nice job with these calls the last two wks. I haven't been involved myself personally, but just watching for a more pronounced signal or change of trend even. One guy I read says now with this overnight trade breaking the 14.90 (he says Head & Shoulders neckline), that points to a target now way down to 13.12! What are your thoughts on this? It seems awfully extreme to me, but do you see a for-sure define H&S broken now?....
machintose
⋅
@farmerisland, I can see that the neckline is broken, hence my view also still bearish (despite some small retracement will come in the next hours/days).
The neckline is where I place my support zone on the above chart.
Your second question, whether it will go down to $13.12 ??
Honestly, I cannot see that far, if depends on which Time Frame that he is using to analyze, D1, W1 or even monthly chart?
My view, as I have posted in Week 24; it will bounce to $15.00 area and drop again to $14.40 level.
If I have to "force" myself to see far ahead, the lowest that I can see is $13.60 (but it will happens in weeks or few months).
I failed to see, why it has to be at $13.12 ?? I could not see that, hence I have no comment on $13.12
farmerisland
⋅
@machintose, he used the daily chart and made a "pitchfork pattern" off the neckline and right shoulder drawing down the center from the head/peak for a "measured move target" down of 13.12... I didn't fully understand it though. Awfully bearish for me to come to terms with, simply fundamental-wise.