BIG BOY: Overall Trend
Huge Uptrend for Several days. Market came up and tested and made an Engulfing Bullish Candle breaking through the Long Term trend line.
Next Day Market Made a Wicked Engulfing Bearish Candle, breaking back below the LT Trend Line.
Now: Current Market Conditions
On the 4 hour chart, the market retested and was held below 32.8 PRZ based off of the Downward move.
Confirmation 1 - Tweezer Tops: Formed on 4 Hr.
Confirmation 2 - 4HR EMA{RED} UNDER SMA{BLUE} indicators, meaning sellers are in control of present market price action.
Entry - 147.968
SL - 148.250 (28 Pips)
TP - 147.000 (96 Pips)
Huge Uptrend for Several days. Market came up and tested and made an Engulfing Bullish Candle breaking through the Long Term trend line.
Next Day Market Made a Wicked Engulfing Bearish Candle, breaking back below the LT Trend Line.
Now: Current Market Conditions
On the 4 hour chart, the market retested and was held below 32.8 PRZ based off of the Downward move.
Confirmation 1 - Tweezer Tops: Formed on 4 Hr.
Confirmation 2 - 4HR EMA{RED} UNDER SMA{BLUE} indicators, meaning sellers are in control of present market price action.
Entry - 147.968
SL - 148.250 (28 Pips)
TP - 147.000 (96 Pips)
Trade closed: stop reached
Market still had a lot of bullish momentum, hit stop loss. Will probably hit 61.8 area before continuing down.Note
The market is currently in the process of closing out / making resistance at fib levels towards completing expansion move.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.