Hi all, welcome back to a new morning :) Without going into the nitty-gritty, NQ is holding a major zone right now (simplified to the most recent area) and the market has extended almost 300 points within a day. I am expecting two scenarios at the opening area which will define how I act for the remainder of the day:
Scenario 1: Mean reversion long - Bulls...
2 Rules for Trendline:
1. Identify the significant lows. At least three points
2. Find the best fit among the significant lows
We can apply the 2 points to a down trendline analysis as well. Looking-out for the significant highs instead.
Gold started its rally after year 2000. We could see it started forming its primary trendline since 2006.
Primary...
Strong support has been formed (4 taps) and broken.
We are entering on the retest of the broken support, which is now resistance
Entry Price: 123.451
Take profit: 123.100 (35)
Stop loss: 123.750 (30)
