Confluence around this level, possible long opportunity.
Keep in mind that it's highly volatile...
Keep in mind that it's highly volatile...
Note
Small reaction but then it just continued down so no-go on the long...Posible trendbreak so watching what pattern will develop (possible correction below trendline or MA) is crucial to determine the next action.
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REMARK: I noticed that on my MT4 the situation is somewhat different (XM and IC Markets).I have the daily EMA(50) coming up around 10500 and the 4H MA(200) was just touched at around 11500. I also still see a small gap (it was partly closed right after it occurred but not fully) to close at 8280. Wouldn't it be nice to see that one closing... On the other hand 10k could be an important round psych level so this could give us support also. It seems that the lowest value we reached just now is 10685.
It's all about patterns now if we want to make an educated guess, other wise it's just that: a guess (or a gamble really), so I will not trade until I see something that gives me more confidence, it's too volatile to just jump in...
Note
The pattern developing looks more like a reversal pattern then a correction...On the 1H I'm watching a possible H&S.
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4H oversold but 1H overbought, possibly going down again for a smaller move, if the H&S completes we might be going up again for the bigger move and relief of 4H oversold condition. We'll see... Agressive entry is back in the support zone with SL somewhat below the low.
Also possible to trade the H&S (IF it completes) at break and re-test of neckline.
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No conclusive break of the support or trendline... Might swing up again, 30M detail:Note
Support stil holding so the initial idea was good allthough we did spike through we can't speak of a breakout.Possible short opportunity coming up, see new idea:
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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.