The Bulls Must Be Careful
Updated
The current rise doesn't fit the bearish divergence at Daily tf. There was a shooting star at Daily on 12th September 2018 and it bounced at the supply area. That showed the banks were there to sell more. I think it's wise to go short term trades, if you're still keen to side with the bulls.
As always, these are just probabilities. Actual price might unfold differently compare to any forecast / analysis. What's most important is to trade and make lots of profits. Getting the right wave count is always secondary. :)
Note
Bulls should TP some of your positions if price reach the big red box and trail your SL for the remaining lots. If price manage to break and close above it on DAILY tf, wait for retracement. If price holds at certain support level with reversal candle at 1H /4H, then only we should consider to add more positions again a.k.a pyramid.Note
Price managed to close above the red box on Daily tf. Let's see what's next.
Related publications
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.