Looking at a possible double bottom formation near the lows set back after the Brexit vote (marked by the Daily Support). A nice trend this month has brought us down to this level and it has accelerated this week.
I will be looking for a break of the most recent trend line with targets back to the longer TF trend line. 1/2 position will be taken on the initial break with expectations that price moves above the most recent swing highs. A pull back to the trend line break would also be expected where I will place the other 1/2 of the trade to the long side.
All of that being said, it is really possible that the double bottom does not hold. Not enough room to the Daily support to take a short here, so if this occurs I will wait to see if it honored or broken. STAY TUNED!
All trades can be watched and discussed live at www.twitch.tv/ghostdigg or on youtube with the same name. Usually live from 5:00 CST to 11:00 CST.
I will be looking for a break of the most recent trend line with targets back to the longer TF trend line. 1/2 position will be taken on the initial break with expectations that price moves above the most recent swing highs. A pull back to the trend line break would also be expected where I will place the other 1/2 of the trade to the long side.
All of that being said, it is really possible that the double bottom does not hold. Not enough room to the Daily support to take a short here, so if this occurs I will wait to see if it honored or broken. STAY TUNED!
All trades can be watched and discussed live at www.twitch.tv/ghostdigg or on youtube with the same name. Usually live from 5:00 CST to 11:00 CST.