We are using an one hour time frame to find the best moment to enter into the rally, and we will have a good oportunity when the price will cross the 150
We can put our 1/2 TP in the previous Higher Price (1324) the 2/2 TP in 1339 and the SL in our previous Lower price (1305)
I always recommend to move the Stop Loss, you Never should convert a Winner position into a losser position
I believe instead that this retest of 1313-1315 area is only a pull back of the pullback which will probably go down to 1305-1300 again;
just so you know, Im very very bullish long term, but short term daily I believe January-mid January will be bear's business with retest of important level like the one you mentioned (1310, 8 ema) but also
some other fibonacci 1297-1282 above all. :)
Let me know what do you think about this, I like exchanging ideas :)
I think you are looking the daily time frame with other perspective. What I am looking is the next pattern:
The upward trend starts in December 2015, it has a correction wave from July 2016 until December 2016, then it continues with the next movement (Eliot wave 3) where we are currently.
I'm agree with you that looking the daily time frame it show us that could be possible to retest the support in 1297 but in the one hour time frame the macd is showing a divegence signal so it could be an exhaustion symptom and another important point is that today I feel as a bull ;)
But as you know this is not a exact science so whatever commentary will be welcome.
So I took the advantage of the initial and obvious pullback from 1317 to 1310 but I didn't mean to enter another short until important levels like 1305-1300 would break out; sometime ago instead I would have left the position open and what just happened would have destroyed my account.
Regarding your view, as in my case, it is a VERY POSSIBLE scenario (the bullish one), but long term and in need of an important CONFIRMATION like breaking levels such as 1330-1335 in order to see the new crazy trend up to 1350-1400 again.
Very nice bro, happy trading !!!!!
Happy tradding to you too !!!