Price rallied yesterday starting a
retracement, so far just shy of the 618, we will wait to see if the 618 holds
as resistance, or if the 786 higher up keeps the downtrend in place. Reversal
starts once price violates the A high on a closing basis. A fall from
resistance and a break of the B low continues the downtrend.
Will be going long if:
We are already long for the following reasons – we are at an
area of PR/S on the daily, we have 86 fib support on the 4h AB, we had a
bullish cs formation on the 1h chart on Friday with a test and a bullish cs
again yesterday. Stop is below the cs, limits at 100 pips. I won’t be adding to
any longs until the A high gets violated, followed by a retracement down to a
fib entry.
Will be going short if:
We will wait for a retracement to the 618/786/BF786 of the
bigger swing, before we initiate any short trade setups.
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