GU Long await
Updated
I did short GU @1.5470 under the impression of strong res line (1.5490) and closed it at +1. Now price drop more. The reason I closed that trade is because i change my view from bearish to bullish. Im not really fan of counter-trend trading.
However, when looking at others idea and chat with few trader here, i found that there are plenty reason why GU will go long.
1. There is AO divergence earlier (brown line) which i missed. I believe divergence is great indication that trend will reverse.
2. Price indeed show an uptrend even in Daily by looking at A and C.
3. I not fond with harmonic pattern which in case this might be a butterfly pattern. Been study this for awhile and this perhaps my 1st attempt to trade this based on harmonic pattern study. As for now, we waiting for D to go short.
4. Price break my descending trendline.
As for now, I waiting for price to retrace so i can enter long. 1.5400 seem a good round number to go but still i want to wait for signal first. Maybe will enter long early. Time will tell...
Lets see.. happy trading...
However, when looking at others idea and chat with few trader here, i found that there are plenty reason why GU will go long.
1. There is AO divergence earlier (brown line) which i missed. I believe divergence is great indication that trend will reverse.
2. Price indeed show an uptrend even in Daily by looking at A and C.
3. I not fond with harmonic pattern which in case this might be a butterfly pattern. Been study this for awhile and this perhaps my 1st attempt to trade this based on harmonic pattern study. As for now, we waiting for D to go short.
4. Price break my descending trendline.
As for now, I waiting for price to retrace so i can enter long. 1.5400 seem a good round number to go but still i want to wait for signal first. Maybe will enter long early. Time will tell...
Lets see.. happy trading...
Trade active
Just enter long @ 1.5430 with SL 1.5395. Feeling good so far. But now i really 'hope' price will break 1.5490 and to the mood... well, at least 1.5630.No TP at the moment...
Trade closed: stop reached
Oh well, will wait for other long setup. Gotta watch out for pin bar in D1 and res line at 1.5490. Seem my initial analysis about short is good. However, I still stick to this plan...
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