As expected:
Opening and closing a daily candlestick below the 200 EMA indicated a hit the 300 EMA.
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With the 55 and 150 emas beginning to cross, we should expect to see the lower side targets
labelled here, based on Price Action (Previous support and resistance) (Note that we are at a strong level of support here. I am simply waiting for more confirmation)
---
If we open and close a daily candle under the 300 EMA I will be going short
aiming for the 6900 (400EMA and diagonal support)
---
A strong bounce is very possible here at the 300EMA $7850,
Remember that volume can appear from nowhere, this is why I wait for confirmation either way.
I do not over speculate or over trade.
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Price action based supports line up with the lower EMA's (400 500 600,) If price breaks the current 300 EMA I go short to the 400 EMA with a Stop Loss above the 300 EMA and so on, I take profit or close my positions at each EMA depending on the information I read on the chart at that point in time.
If price bounces here, I go long with my stop loss under the 300 EMA, doing the exact opposite of the above shorting strategy.
Opening and closing a daily candlestick below the 200 EMA indicated a hit the 300 EMA.
---
With the 55 and 150 emas beginning to cross, we should expect to see the lower side targets
labelled here, based on Price Action (Previous support and resistance) (Note that we are at a strong level of support here. I am simply waiting for more confirmation)
---
If we open and close a daily candle under the 300 EMA I will be going short
aiming for the 6900 (400EMA and diagonal support)
---
A strong bounce is very possible here at the 300EMA $7850,
Remember that volume can appear from nowhere, this is why I wait for confirmation either way.
I do not over speculate or over trade.
---
Price action based supports line up with the lower EMA's (400 500 600,) If price breaks the current 300 EMA I go short to the 400 EMA with a Stop Loss above the 300 EMA and so on, I take profit or close my positions at each EMA depending on the information I read on the chart at that point in time.
If price bounces here, I go long with my stop loss under the 300 EMA, doing the exact opposite of the above shorting strategy.
