Hey guys,
i've written down some of the key reasons i'm willing to long this market. First, we have a daily Bat pattern that's been completed but that never reached its target level (nor broke the X point) therefore it's still valid. At that level we also have a daily structure (yellow box) that could act as support again. Ultimately, in the daily chart we can see some long wicks to the bottom together with an engulfing pattern showing some buying strength. This engulfing is also represented on this chart (4H) in the form of a rally that broke into new highs in the recent days, right after a double bottom. Given the case, it's a nice opportunity to trade the 2618 strategy that consists on buying/selling the 618 Fib retracement of the leg that breaks the double top/bottom's neckline.
Stops below the lows, targets as shown up here.
If you have any idea/comment, let me know.
Otherwise, see you in the next chart!
P.S. Sorry for the last 2 weeks without a videoanalysis but i was very busy. I'm sure i'll be back next week!
i've written down some of the key reasons i'm willing to long this market. First, we have a daily Bat pattern that's been completed but that never reached its target level (nor broke the X point) therefore it's still valid. At that level we also have a daily structure (yellow box) that could act as support again. Ultimately, in the daily chart we can see some long wicks to the bottom together with an engulfing pattern showing some buying strength. This engulfing is also represented on this chart (4H) in the form of a rally that broke into new highs in the recent days, right after a double bottom. Given the case, it's a nice opportunity to trade the 2618 strategy that consists on buying/selling the 618 Fib retracement of the leg that breaks the double top/bottom's neckline.
Stops below the lows, targets as shown up here.
If you have any idea/comment, let me know.
Otherwise, see you in the next chart!
P.S. Sorry for the last 2 weeks without a videoanalysis but i was very busy. I'm sure i'll be back next week!