Hi traders, the buy was succesful and reached my target zone before the anticipated response kicked in. I have currently no position because I like to determine whether this move lower is corrective or impulsive. At the moment we see the minimum requirements for a bearish
impulse on the 1hr time frame. This itself does not mean much medium/long term. What it means is that I focus on a bearish
continuation on the 1hr time frame. So after seeing the minimum requirements for a bearish
impulse I now shift to analyzing the response to this bearish
move, IF that is corrective I will execute a sell and manage that accordingly to see whether it will result in a new low or a 3 wave bearish
correction on the 1 hour time frame.
Keep in mind what I said in my weekly video, this correction can take way longer so I trade it step by step up to the moment that we are ready to go. Adjust to the market by trading smaller fractals.
For a potential buy I need the minimum requirements for a bullish
impulse and that is not even close at the moment, if/once structure changes towards bullish
I will update again.