Morning guys,
Today situation stands a bit more difficult and gives chances to go in both directions. Yes, yesterday's trade was good, but let's not fall in euphoria as there were setups when I was totally wrong :) As you understand this is all about probability.
It is too much to write, and it would be better if you watch the video, but I'll try to to keep it short here. Now we stand at daily 3/8 resistance. Potentially situation is suitable for the trade that could reach at least 6960 5/8 Fib support. But the problem is - we do not know exactly whether it will start or not, because the point where it could start differs.
That's why we have to keep an eye on market reaction in this resistance. If price will stuck between neckline and strong 7170-7235 Support area - BTC will keep chance to proceed higher to XOP target which is ultimate H&S destination point - 8230$. If this level will be broken - be prepared to drop at least to 6960, but ultimately below recent lows.
Depending on your view, you could take following trades:
For bulls - grab profit on recent trade. If you do not want to close - move stop higher, at least below 7170 level. Watch for entry around 7300-7350 with stops below 7170.
For bears - you could try to go short with initial stop above the recent top, but move stops to breakeven as soon as possible when market will extend retracement. Neckline should be re-tested, I suppose. Then whatch what will happen around 7.2-7.3 area. If market will not break it down - close the trade or out at breakeven stop.
In general upside momentum recently was not bad, and chances on upside continuation exist.
Today situation stands a bit more difficult and gives chances to go in both directions. Yes, yesterday's trade was good, but let's not fall in euphoria as there were setups when I was totally wrong :) As you understand this is all about probability.
It is too much to write, and it would be better if you watch the video, but I'll try to to keep it short here. Now we stand at daily 3/8 resistance. Potentially situation is suitable for the trade that could reach at least 6960 5/8 Fib support. But the problem is - we do not know exactly whether it will start or not, because the point where it could start differs.
That's why we have to keep an eye on market reaction in this resistance. If price will stuck between neckline and strong 7170-7235 Support area - BTC will keep chance to proceed higher to XOP target which is ultimate H&S destination point - 8230$. If this level will be broken - be prepared to drop at least to 6960, but ultimately below recent lows.
Depending on your view, you could take following trades:
For bulls - grab profit on recent trade. If you do not want to close - move stop higher, at least below 7170 level. Watch for entry around 7300-7350 with stops below 7170.
For bears - you could try to go short with initial stop above the recent top, but move stops to breakeven as soon as possible when market will extend retracement. Neckline should be re-tested, I suppose. Then whatch what will happen around 7.2-7.3 area. If market will not break it down - close the trade or out at breakeven stop.
In general upside momentum recently was not bad, and chances on upside continuation exist.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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.