Suggests that we could see a quick move to the upside. The fractal overlay, refit, looks right from a timing perspective. The 39.56 area is the next upside fib target, so I will be looking for a breach to determine whether to re-strike this level on a retrace.
Trade active
LONG 100shs at 22.33.Looked like overnight hit 20.96, so adjusting the 1.0 target, downward. 30.50-30.63 is the log/offlog .618 range, and 36.60-38.46 is the log/offlog 1.0 range. Usually, get a retrace off the fib lines, but no telling how deeply. Breaches of 30.63 would indicate another run up to the 1.0 level, and breaches of 38.46 would indicate a higher run to the 1.618 of 46.27-55.97. Other than those reference points, I will be mostly observing the pattern and MACD's confirmation of its legs. Here is a link to the 3 hour chart I am looking at, and I count 3 instances of outright bullish divergence. Ususally, I look at 3 divergences on hourly or larger time frame as confirmation of a reversal, hence the position.
Trade closed manually
Trade closed at 23.68...I am not thrilled with this movement or pattern development, although may be too particular. I am posting a chart indicating hidden bear divergence on the micro as if this is the last wave "c of 4" on the micro, and we could see a move into the 18-19 range, alternatively on the submicro, we have bear divergence on this top followed by a hidden bear set up, making me expect a minimum retrace to and from here would expect a minimum retrace to the 22s, if not 21s. I hate to call a trade, early, but would rather take the $ than risk a loss. I will add commentary as this pattern develops.
Note
Precision. I got out at the top of 1, as detailed above, and won’t chase, but I expect continuation into the 36-39 area, then see where we stop for cigarettes. Good Trade!
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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.