Sideways consolidation/correction period following an aggressive rise is running into support at $1,306 range (50% retracement level). The ABC wave corrective cycle has formed a bullish rectangle with a bottom at 38% to 50% retrace of bull rise. While wave C should extend down to $1,295 in a textbook, a test of key $1295-$1,306 support area failed to breach and quickly retraced to $1,320 forming a bullish pinbar today. 100MA ($1,301) and 50% retrace level ($1,306) are key support areas with a high probability of holding. Wave A-B cycle: 16 days Wave C cycle: 9 days Ready for new 5 wave up to challenge $1,360.
Houston, the base is in place and we are ready to launch. The entry came a little sooner than I was expecting, but the pinbar today is pushing the issue and prompting an entry. More conservative traders can strive to get an entry tomorrow (Friday) or Monday at $1,306 but may miss the entry all together and be left chasing prices back up. Pick your point, set your stop and hang tight.
Entry: $1,311 Stop: $1,301 Min Target: $1,341 Max target: $1,361
Risk/reward: 3:1
On the hourly, its clear that a new lower low was formed, but quickly failed and rose back up above the prior low, a 2B reversal, which also formed a bullish pinbar.
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Longer term picture on what I am targeting - I'm after a the breakout above $1,377 but it may take a few waves to get there. My goal is to be long at ever upside move so that I remain long when the resistance at $1,377 finally breaks. This is a strategy to exploit the bullish triangle forming on the weekly charts.
I don't expect this wave to challenge beyond $1,341 but its a good strategy to be long and keep being long in my opinion.
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Still waiting on a DCL entry base to form. $1,295 to $1,306.
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Friday's bullish pinbar formed at bounce from $1,315, this is not the DCL yet - I believe we are seeing a bullish continuation wedge forming with one more bottom yet to come around March 20/21---the FOMC meeting date! My target remains $1,294 to $1,306. The next dip below $1,316 will perk my interest to watch for a good long entry point in this range. I expect the reversal back up to be quick and aggressive with a challenge beyond $1,380 possible. Stop @ =$1,290 if tolerable.
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Still in the messy chop zone. No trade to whippy. Patiently waiting for DCL to establish just below $1,300 then breaking the downtrend channel.
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Still in chop zone waiting for direction. No trade. No DCL.
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The longest setup ever is still on track for a rise after the March 20/21 FOMC. prices sinking back into my target purchase range - $1,315 to $1,294 with $1,294 finally looking like a strong possibility. Stay patient for your entry, prices will come to you.
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Right on track with price erosion...slow and choppy. $1,306 is holding firm but I believe there is still a drop below $1,300 as the final down move...tapping $1,294 at the extreme but time is running out. Long entry in the next 48 hours with $1,330 as the mininum target (confirmation) and $1,360 as the target (strong resistance)
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Launch confirmed.
ปิดการเทรด: ถึงเป้าหมายการทำกำไร
Too much risk of volatility with the US markets this week. New idea will be launched shortly.