OBX has broken the rising channel (!)
Updated
Although I am a technical trader, the fundamentals helped me keep my conviction and my bearish positions through this market rally.
The most important thing to remember is to gather as much information as possible and base your actions on facts, not emotions.
The OBX indeks has broken down from a rising channel / symmetrical triangle. The measured move for this triangle should take us down to at least the 650 level.
673 is an important level to hold for the bulls. I expect a bounce from here to create a lower high / and perhaps test the break at the 683 level. I would not short this level, but wait for a lower high on the hourly or 4 hr if I wasn't short already.
Any close below 690-700 however, should be considered bearish. I will be keeping my bearish position till we reach said target OR we change the trend on the 4 hr chart.
I do not believe it will happen this week though.
The most important thing to remember is to gather as much information as possible and base your actions on facts, not emotions.
The OBX indeks has broken down from a rising channel / symmetrical triangle. The measured move for this triangle should take us down to at least the 650 level.
673 is an important level to hold for the bulls. I expect a bounce from here to create a lower high / and perhaps test the break at the 683 level. I would not short this level, but wait for a lower high on the hourly or 4 hr if I wasn't short already.
Any close below 690-700 however, should be considered bearish. I will be keeping my bearish position till we reach said target OR we change the trend on the 4 hr chart.
I do not believe it will happen this week though.
Trade active
Very good follow-through on the move, just broke down from a 15 min bearflag.
Be tolerant with others and strict with yourself.
- Marcus Aurelius
- Marcus Aurelius
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.