The big drop last week was not sustainable; it was a big seller momentum but the price did not manage to breakthrough $15.20 level; it failed twice (double bottom).
Therefore, currently the price is in range $15.20 to $16.00.
On the side note, in H4 (as I write this), the current 3 candles are pushing higher with a small gap in between; it shows the Buyers are...
Last week right after the Asian market open, the weekend gap was filled, our $1440 Decision Point level was breached and it went up to the moon.
There were no sign of weaknesses yet, bullish momentum was strong on each upward push.
Today the market was opened with a gap up again and as I am writing this, there is no sign of reversal yet; therefore we stay put and...
Our target last week is now triggered, it is a good selling zone with favorable risk reward ratio.
Where is my Take Profit? I will set at $13.91 level.
In overall picture, the price is ranging in a wider bandwidth from 11 February till today.
I will update again from time to time.
Technically it is forming a bullish flag.
I would place my Buy Limit at Demand area, which is at $13.70 level.
Also, I have a pivot marking at $14.05 --> it serves two purposes:
(1) if my Buy Limit is triggered, $14.05 is my Take Profit level.
(2) if the price does not go any lower and crossing $14.05, it is likely to continue to be bullish.
Overall this week is...
Sorry for the late post .. let's get to it.
Based on the price movement last week, here is what I saw:
(1) Strong bullish movement driven by the news, but it still did not break the previous High.
(2) The Seller is pressing the price down from the top (Thursday, 01 April 2021), it shows that $14.44 is holding it's level.
(3) As indicated last week, my support...
Last week our target at $1440 had not been achieved, the price went down and made a retracement at the end of the week.
Overall it is not a Sell yet, we are still within Buyers area ($13.90 to $14.24).
The immediate Decision Point (DP) is at $14.24 where if it breaks, then we anticipated that it will go to our $14.40 level (which we will sell).
If it doesn't...
This week, especially today (Monday), is a good day to scalp until the price reaches $14.40 area.
Personally I will wait to sell once the price is at Seller area as I am aiming to have a good swing trade.
Here is my setup:
Sell Pending Order at $1440
Stop Loss at $1464
Take Profit at $1322
RRR = 4.87R
Let me know if you have a different idea, we can discuss it...
Based on last Friday closing, I would expect the price to be bullish to $14.43 and making a retracement there.
However, I was proven wrong, the market gap up and push the price higher than $14.43
There is no more references that I can use as there is no data on the "left"; the only way to read the market is only by reading the Price Action.
I did some research on...
This week 09, we will be using ZSK21 as a chart reference.
There are few things that I would like to share:
(1) This morning the price was continuing the rally and created a gap upon opening. Price gap normally is closed within a day or two; so for a speculator, you can use this opportunity to short it.
However, please be aware that the overall trend is still...