Alright, so the bearish cypher pattern seems to be playing out. You also formed bearish divergence on the four hour running up to 13200 this morning before the dump. I wouldn't recommend trying to buy in at these prices until we see coinciding variables like perhaps bullish divergence after another impulse or two down. Or we could definitely continue, but those are the targets for the bearish pattern. I also did not take a short because it is a overwhelmingly bullish trend. That being said, I did take profit at 13k and am looking for reentry at the moment.
Trade active
Trade is still active for the mean while. Bullish divergence on the one hour, but looks like up upsloping consolidation after an impulse down (bear flag). I did scalp from 11600 area and took profit at the 382 fib line around 12160. I have not opened another position since, I am currently awaiting confirmation with coinciding variables on the four hour. But you are seeing bullish divergence start to form on the one hour time frame. Again, I am waiting for confirmation on the four hour. I expect another impulse down, but we'll see. I will post another TA shortly on the one hour time frame and also some other technical ideas that have acted as support
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.
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.