Hourly chart formed a flag which had a false break out and stayed in a flag. There is fairly strong resistance/support lines forming a channel inside the flag. I would be willing to risk a trade on a strong break either side of the channel or pennant depending on how the chart develops. I see these to be short term trades with very tight stops due to the current market climate and don't want to be in a trade if it returns to the channel.
Long: Entry; $5833.3
Stop-Loss; $5775
T1; $6013.5
T2; $6513
Short: Entry; $5420.3
Stop-Loss; $5526.8
T1; $4992
These trades are risky assess your own risk, place stop-losses and be confident.
Long: Entry; $5833.3
Stop-Loss; $5775
T1; $6013.5
T2; $6513
Short: Entry; $5420.3
Stop-Loss; $5526.8
T1; $4992
These trades are risky assess your own risk, place stop-losses and be confident.
Trade active
Trade triggered at $5833.5, bears didn't let it escape the $5750 region for long though and the stop for part of my position was hit at $5775Second part of my position has stop-loss set at $5700 which has held so far. I will monitor closely if it gets close to the 6k mark and re-assess a possible target.
Note
Trade closed: stop reached
Trade closed at second stop. Heading back towards the support at $5500, lets see how strong it is.
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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.