Hello All, Hope you somehow enjoyed yesterday's MARKET and welcome Back
YESTERDAY'S RECAP!
I was expecting the consolidation at around $1911 which was seen , my expectation was that the RANGING MARKET would have been active for at least 3-4 DAYS , but sadly we saw it for sometime then had our breakouts towards the DOWNSIDE i had not seen that downside level at all, in-fact my expectation was once we have the break out of OUR TRAPS at $1893 -90 , we were going to see $1856 but it never happened and instead the MARKET PUSHED back, to the previous RESISTANCE LEVEL and even broke it further creating some TRAPS on both the SELLERS and the BUYERS, BUT CAME BACK and updated my idea on the above movement and mainly i indicated that i won't be trading on the MARKET.
But we all know not everything goes our way , sometimes the MARKETS go their own way, therefore making a deficit on our accounts and trust me the deficits are a good thing , coz without the negatives then we are not traders and as traders we need to accept what we have been given and understand what should be done.
TOADYS ANALYSIS.
Looking at the MARKET STRUCTURE in 1 DTF we are still having MAJOR CONCERNS, possibly not a good MARKET to trade on, but Generally speaking after doing my analysis then the chart above explains it all, The GENERAL TREND is still BULLISH , so we are going to be trading on A BULLISH TREND (TRADING WITH THE TREND)as of now i have identified some key levels and also decided to go an extra step and make my CHART CLEARER for your understanding..
For our SELL entries to $1885 which act's as a minor SUPPORT LEVEL we should expect to see level $1906 broken first, then seeing $1886 will be easy, however as the STRUCTURE i'm very keen on in 1DTF the possibilities are minimized, so i'll be updating as time goes by, meanwhile on the UPWARD MOVEMENT once we see level $1923 broken then $1936 won't be a hard Target to achieve however we will be evaluating the PATTERNS Formed for a much clearer PICTURE to further give us insights of our moves.
MY EXPECTATIONS,
I still expect that fall to $1856 and then we can SKY ROCKET to $1960- $2000, all being said i'll be extra careful on my trading today as well, meaning it's not necessarily i see my TAKE PROFITS ZONES hit, at the same time we can see the upward movement going in a different style, which makes me want to see MORE of it and if it continues then tomorrow will be just collecting PROFITS no MATTER what, we can also see that minor descending channel which suggests when the move does not break $1907-06 then it's a good move on the UPWARD, but when it breaks we should expect some consolidation and then a fall to $1856,GENERAL overview we are still within the RANGING MARKET PHASE, saw i'll be extra cautious with my ENTRIES. There is also possibility of seeing $1886 then see a shoot up, all scenarios can be considered when time comes and i carry out further evaluation. $1937 also acts as a very STRONG RESISTANCE ZONE, once we see it broken this proves the solidity of our UPWARD move.
FOR THOSE few remarks will be BACK LATER with an UPDATE.
YESTERDAY'S RECAP!
I was expecting the consolidation at around $1911 which was seen , my expectation was that the RANGING MARKET would have been active for at least 3-4 DAYS , but sadly we saw it for sometime then had our breakouts towards the DOWNSIDE i had not seen that downside level at all, in-fact my expectation was once we have the break out of OUR TRAPS at $1893 -90 , we were going to see $1856 but it never happened and instead the MARKET PUSHED back, to the previous RESISTANCE LEVEL and even broke it further creating some TRAPS on both the SELLERS and the BUYERS, BUT CAME BACK and updated my idea on the above movement and mainly i indicated that i won't be trading on the MARKET.
But we all know not everything goes our way , sometimes the MARKETS go their own way, therefore making a deficit on our accounts and trust me the deficits are a good thing , coz without the negatives then we are not traders and as traders we need to accept what we have been given and understand what should be done.
TOADYS ANALYSIS.
Looking at the MARKET STRUCTURE in 1 DTF we are still having MAJOR CONCERNS, possibly not a good MARKET to trade on, but Generally speaking after doing my analysis then the chart above explains it all, The GENERAL TREND is still BULLISH , so we are going to be trading on A BULLISH TREND (TRADING WITH THE TREND)as of now i have identified some key levels and also decided to go an extra step and make my CHART CLEARER for your understanding..
For our SELL entries to $1885 which act's as a minor SUPPORT LEVEL we should expect to see level $1906 broken first, then seeing $1886 will be easy, however as the STRUCTURE i'm very keen on in 1DTF the possibilities are minimized, so i'll be updating as time goes by, meanwhile on the UPWARD MOVEMENT once we see level $1923 broken then $1936 won't be a hard Target to achieve however we will be evaluating the PATTERNS Formed for a much clearer PICTURE to further give us insights of our moves.
MY EXPECTATIONS,
I still expect that fall to $1856 and then we can SKY ROCKET to $1960- $2000, all being said i'll be extra careful on my trading today as well, meaning it's not necessarily i see my TAKE PROFITS ZONES hit, at the same time we can see the upward movement going in a different style, which makes me want to see MORE of it and if it continues then tomorrow will be just collecting PROFITS no MATTER what, we can also see that minor descending channel which suggests when the move does not break $1907-06 then it's a good move on the UPWARD, but when it breaks we should expect some consolidation and then a fall to $1856,GENERAL overview we are still within the RANGING MARKET PHASE, saw i'll be extra cautious with my ENTRIES. There is also possibility of seeing $1886 then see a shoot up, all scenarios can be considered when time comes and i carry out further evaluation. $1937 also acts as a very STRONG RESISTANCE ZONE, once we see it broken this proves the solidity of our UPWARD move.
FOR THOSE few remarks will be BACK LATER with an UPDATE.
Note
Took a short sell to $1909, currently running profits , but i also understand we might see $1886 next, kindly wait for our confirmations.Note
Some sort of a double top formation pattern, let's see what happens!Note
There could be a fall to $1902-00 then we should expect a rise to at least $1942,the double top formation i was anticipating for was broken, the pattern wasn't completed.I am very keen on the pattern formations anything i'll be updating soon.
Trade active
We have broken level $1923-24 we can wait for a retest and have our buy entries, meanwhile i'm running profits targeting $1942I'm having another Take Profit zone at @1960
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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.