The triangle plays out as expected.
This time I didn't play the short side, because it's getting too dangerous for any short. You have to be very nimble and fast to jump out at the right time from a short position in a spiky bull market like this one. I'm also afraid this might be a tricky breakout without the tag of the lower trendline, so I will play this on the long side only.
The 50 EMA and 50 SMA played an important role in the triangle, so I will use this as an entry for another long position.
RSI is oversold on the hourly and turning up.
Don't forget we are trading with bankster manipulators. In this case you have to act like a thief and expect the unexpected.
This time I didn't play the short side, because it's getting too dangerous for any short. You have to be very nimble and fast to jump out at the right time from a short position in a spiky bull market like this one. I'm also afraid this might be a tricky breakout without the tag of the lower trendline, so I will play this on the long side only.
The 50 EMA and 50 SMA played an important role in the triangle, so I will use this as an entry for another long position.
RSI is oversold on the hourly and turning up.
Don't forget we are trading with bankster manipulators. In this case you have to act like a thief and expect the unexpected.
Note
While everybody’s waiting for the tag of the lower trendline of the triangle how about a breakout without a red follow-through day tomorrow ?Note
We found support on the 100 SMA on the 1 hr chart.Note
Same 100 SMA on the 4hr chartNote
... and the 50 SMA on the 8hr chartNote
Shouldn’t we print a red candleToday if we want to tag the lower trendline?
Why is this candle green?
Note
Because we will break out next week.Note
Today's price to watch for the breakout is 1425$.Note
Moment of truth.
Note
I think we are breaking out today.The move above 1424 will trigger a lot of buys.
Note
Note
We stopped at the trendline a bit.If it's a flag it might be breaking out here:
Note
... and we might have just tested back the breakout:Note
Note
DON’T TRY TO SHORT IT. It’s not a fake breakout. If you are in sit tight. If you are not in, no revenge short. 1500 is coming soon. This will go crazy especially if DXY collapses.Note
I think the flag is ready to break to the upside.Note
I'M not a big fan of today's price action. I have a MOET in the fridge for the weekend, but I will keep it for better times. Note
Price was hit hard almost immediatley after NY open.First it seemed we just back test the green box, then we just sliced through the blue trendline. Now we have the red trendline as possible reversal zone, but this doesn't look good.
Note
It could drop a bit more and we are still just back testing the red trendline.
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The dollar just can't roll over.Note
We have option expiry today:marketwatch.com/optionscenter/calendar
Note
That might be the reason for this slam.If it's because of the expiration, it might rally by the close.
Let's see what happens at 22:00 Berlin time.
Note
Is the triangle backtest ready finally?I guess we will get know by Wednesday.
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Tough day for shorts today:Trade closed manually
Note
I’m waiting for this 2nd DCL at the 50 MA at around 1410-20. Then one more pop higher wher this IC tops out with the 3rd daily cycle top. Then comes the move into the ICL.
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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.