Price is moving inside a broader, well defined two-month range.
No clear direction yet, until range gets broken on either side.
While in the range, apply the range trading strategy.
Look for buy/long near the range support.
Looks for sell/short near the range resistance.
Rinse and repeat until stopped out (range breaks).
No panic.
No overly bearish/bullish sentiment.
No emotions.
Play the numbers.
Play the probability theory.
Play the context.
Focus on risk management.
Have patience.
Profit on either direction.
No clear direction yet, until range gets broken on either side.
While in the range, apply the range trading strategy.
Look for buy/long near the range support.
Looks for sell/short near the range resistance.
Rinse and repeat until stopped out (range breaks).
No panic.
No overly bearish/bullish sentiment.
No emotions.
Play the numbers.
Play the probability theory.
Play the context.
Focus on risk management.
Have patience.
Profit on either direction.
Note
Getting closer to a more attractive buy zone.I don't see bears have much power here (yet).
Would be nice to see one more attempt to push this lower, towards 6235-6181 area, where it would fail and reject the drop.
That would trigger a buy signal.
Note
Read my update above.One more attempt to push this lower has just happened, and it played out precisely as we wanted.
Bears not having an easy time to push this lower, and a bullish RSI divergence showing on the 4h timeframe.
Note
The price has now entered the previous two-week range.This was quite the resistance, and now we see a nice breakout candle breaching it and returning into the range.
The upper boundary of the range at 6500 shouldn't be too hard to break this time around, as long as the momentum stays strong here.
6350 is now the new support.
Note
This is currently in play.Wyckoff's effort vs reward principle was apparent yesterday when I published the chart below. So far playing out as expected.
Looking for a test of the support lines below.
Note
Let's see if this manages to hold above 6440 now, because that's the new support if this was a real breakout.Note
6440-6450 support area is trying to hold this.The price is inside an uptrend channel, and as long as it manages to stay here, it's still positive (for now).
As soon as it drops out of the channel, the chances for another drop towards 6380-6350 will increase.
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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.