Looking at monthly ranges, we see that months with sharp selloffs, that surpass the previous true range, as measured from the open to the low, have been causing sellers to get trapped at increasingly higher prices. This is bullish and shows accumulation, and shakeouts taking place. The monthly chart shows a mode near the highs, and now we're testing support at the bottom of the monthly range, so we have a great opportunity on the long side, after the market got extremely one sided.
Sellers might get trapped here again, this time higher than the previous range expansion months, which is bullish overall. Daily and weekly RgMov readings are bullish, and we have massive lag relative to copper and iron ore, which eventually will play out, so I remain bullish. The entry to add to longs is described in my 4h chart, see related ideas for more information. Keep these levels in mind, once above, they act as support on a retest.
Good luck,
Ivan Labrie.
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Once we go above 0.74603, November sellers will be trapped. Right now, it seems highly probable, let's wait.
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Looks quite good so far, holding longs in profit.
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Trailed stops to 0.7472 and doubled up again. I had added near today's low too, doubling my long and trailing stops to 0.74048 first. (a signal my clients received).
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Trailed out in profit. We can reenter but it's not ideal.
Alternatively, we can wait for an oversold dip to buy back in.