Long

Updated

Watching these yellow trend lines

Momentum is subsiding a bit and we may retest 9630, but breaking 9700 should be a relief rally.

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Notably the 4H chart is very bearish, lower lows / lower highs for the bast 12 hours with negative money flow, which will probably push this to re-test 9580 - 9620 support range. Wait and see.

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We broke down from the channel on volume, next support to watch is 9580 - 9615.

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Actually not all 4H candles were lower lows so there is still a level of bullishness. Having said that the descending triangle is a bit ominous on the long term chart

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Broke on heavy volume

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9580 is out, next is 9530 to watch, likely to bounce as its getting oversold heavily now.

Trade active

Bounce play

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Good 2-3x RR

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Though I had my doubts about the momentum during consolidation, however CMF showed accumulation and 15M oscillator was showing constant drop in bearish pressure which was followed by a textbook Kumo break on 5M on Volume!

Trade closed manually

There is a ton of supply at 9645 and negative money flow indicates weakening momentum so this may revisit lower support

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Next good long entry setup if it bounces on to the lower edge of the cloud and no high volume drop coming in.

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Missed this train, CMF was actually showing accumulation and the hourly candle finished to to take 9640. Still wall of pain ahead, but good job from the bulls so far. I think for now this is a bit of no mans land until clear break of 9660 or back to 9615. Hope not to see 9580 or below again ...

Trade active

And that is why never chase price, it came back right to support as it reached the upper resistance

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sorry SL/TP tool was placed incorrectly on the previous chart

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Phew this was so close to reach SL, and the hourly looked pretty awful with a lot of bearish momentum, but ultimately it coiled up as accumulation and broke the thin kumo on volume like a charm

Taking 1/3rd profit here and moving SL to break even on the rest, let it fly, see what happens at 9700

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Wall of pain above on the hourly still a fair bit away to be cleared. ETA up to 10H if momentum keeps up.

Trade active

and that is why Ichimoku is my favorite indicator:

Trade closed: target reached

taking profit here, waiting for a new good setup

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