Minor resistance at 50 day moving average. Might see some open short interest pushing prices down back to 1860 or so given that current market conditions are ideal for volatility. If we are lucky, should be able to see an inverse H&S that should push price upwards over the 200 MA in the coming months once the market realize the over-reaction to economic activities...
I actually got shook out of my DUST position flat yesterday because I didn't have a trade plan set up. Too bad. So here it is, pretty high risk trade as it stands if using GDX (long puts, never short shares without a long call to cover your butt, I'll write a book "Advanced Trading for Beginners") Anyway, I think we have plenty of downside here, unless GOLD GL...
Potential short developing on the USDTRY - Waiting for price action to confirm trade - Big round number 3.05000 acting as resistance - Previous highs adding to resistance - Price is rounding off and is also displaying divergence on MACD - Upper trend line to act as resistance
I WANT TO SEE A GOOD RUPTURE OF THE DOWN TREND TO GO BULLISH. BUT I AM NOT DISCARDING A LITTLE BEARISH MOVE YET. SO, LETS WAIT, TO SEE WHATS HAPPEN
As you can see the trade i put few days ago is wrong. price will not continue the trend, it didnt break the structure. price break the trend! THIS IS WHY WE NEED TO WAIT FOR BREAK OUT OTHERWISE WE ARE GAMBLING AND IS BETTER AT THE CASINO However. RSI is showing a really good divergence. So lets wait for the break of the structure to make a short! Now we have...
This is the kind of short that I like: the downtrend was defined by the breakdown of a important support level last week and now the market test this same level as resistance, forming a gravestone doji. I expect the price to resume the downtrend seeking the last bottom at 15.15 and even beyond that level. Change my mind if the price breaks the resistance level at 16.09.