Think we need a 277 if we want to see a 292. Then again, a vaccine announcement can do pretty much whatever it wants to wreak havoc on market charts!
I’ve mentioned in other posts that I don’t like to trade retracements. As we can see, they can really start to morph into many different patterns and it can cause a lot of frustration. When I do trade within these retrace zones, they are only quick day trade scalps.
With that being said. In order for me to enter a good long position, I want to see price pick up some buyers around the 277 area. There is plenty of demand and a lot of consolidation there so I think a good base can be built there to finally - hopefully - start a 5 wave move upward to 288 / 292. Also, as I’ve mentioned, above 288.51 is big cautious zone for me, so if holding any longs, grabbing a put to hedge probably isn’t a bad idea.
Game Plan: watch to make entry long around 277; invalidation low is 275 and caution high is 288. IF price never gets down there for a long, I will be sitting back and watching.
I’ve mentioned in other posts that I don’t like to trade retracements. As we can see, they can really start to morph into many different patterns and it can cause a lot of frustration. When I do trade within these retrace zones, they are only quick day trade scalps.
With that being said. In order for me to enter a good long position, I want to see price pick up some buyers around the 277 area. There is plenty of demand and a lot of consolidation there so I think a good base can be built there to finally - hopefully - start a 5 wave move upward to 288 / 292. Also, as I’ve mentioned, above 288.51 is big cautious zone for me, so if holding any longs, grabbing a put to hedge probably isn’t a bad idea.
Game Plan: watch to make entry long around 277; invalidation low is 275 and caution high is 288. IF price never gets down there for a long, I will be sitting back and watching.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.