Today we are looking at the H4 time frame.
The triangle formation I mentioned yesterday did not really worked !
Nevertheless, the 46'900 area worked, so far, perfectly well in rejecting the breakout
attempt on the upside. We can see now a switch in price action, from a uptrend
(green arrow) to a downtrend (red arrow) with a first pullback rejected by the new
downtrend line resistance.
So what next ?
There are levels to look at very carefully in this 4 hours time frame, which are :
46'896 on the upside (MBB)
45'900 on the downside, former congestion support zone (very fragile !)
A breakout of one of those levels in H4 closing basis will likely trigger another 1'000 points move, targeting
respectively 47'928 on the upside and 45'000 area on the downside.
CONCLUSION :
Do not forget to screen very carefully shorter time frames to detect early signal (s), such as bullish divergences, to help you
to act accordingly in putting in place tactical long exposure protected with a tight trailing stop loss !!
Have a great trading day.
If you like my analysis and you find it is added value for you, please do no forget to like it and if you do not follow me yet, please add Ironman8848 to your following list. Many thanks in advance :-)
Take care
Ironman8848
The triangle formation I mentioned yesterday did not really worked !
Nevertheless, the 46'900 area worked, so far, perfectly well in rejecting the breakout
attempt on the upside. We can see now a switch in price action, from a uptrend
(green arrow) to a downtrend (red arrow) with a first pullback rejected by the new
downtrend line resistance.
So what next ?
There are levels to look at very carefully in this 4 hours time frame, which are :
46'896 on the upside (MBB)
45'900 on the downside, former congestion support zone (very fragile !)
A breakout of one of those levels in H4 closing basis will likely trigger another 1'000 points move, targeting
respectively 47'928 on the upside and 45'000 area on the downside.
CONCLUSION :
Do not forget to screen very carefully shorter time frames to detect early signal (s), such as bullish divergences, to help you
to act accordingly in putting in place tactical long exposure protected with a tight trailing stop loss !!
Have a great trading day.
If you like my analysis and you find it is added value for you, please do no forget to like it and if you do not follow me yet, please add Ironman8848 to your following list. Many thanks in advance :-)
Take care
Ironman8848
