Price has been ranging in this nice flat for quite a while. If it stays in this structure we should get a nice short trade back down. It all depends on what happens when it reached the structure line. If it turns and gives us a sell set up I'm in - if not we'll have another look at it.
Most forecasts will be updated as they develop so remember to follow to receive them.
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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I forgot to mention the MACD divergence which is similar to the last time price reached the structure line.
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Breakout imminent - since it has formed a triangle it break either way. If long then the move will not be worth entering as the top of the channel is not to far away. If it breaks short we can assume the top has been reached and we are on the way down
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We're getting a pullback on the earlier gains. This could present an opportunity to get in if you missed it or took profits on the initial move.
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Just to clarify - I always leave my options open and so should you. There are a lot of people on here who seem to think everything is either black or white; it's either going up or down. It does both while having a trend in a certain direction. The title of this chart is "waiting for a nice short" - That's what we got - a nice short which is probably part of a correction of the previous impulse. I have not said anything about a change of trend, I did say in the comments "I think we've turned lol" as in the correction we expected has happened. I do not believe the trend has changed. We may get a deeper correction due to the amplitude of the impulse but for now the trend remains long
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We've had a rate increase and price went down as we forecast. I'll probably take profit soon and start looking for a long set up
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For any one who is new to trading a rate rise is usually followed by an immediate price increase. Here we have the opposite which fitted our correction idea based on structure.
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We could be going short again
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pieroliviermarquis
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How do you know the market has reversed? It could just be a minor setback in a continuing uptrend.
SteveNixon
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@pieroliviermarquis, You could be right. No one knows what the market is going to do. I called a nice short according to the structure I saw and that's what we have so far. If the structure tells me it is likely to turn again I will call it long. It's all about probabilities.
Nice forecast Steve. I also completely agree with your comment about why you placed your order, ignoring the result of the "news" and focusing on what you saw in the charts!
SteveNixon
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@SharkbaitAl, Thanks for your support and comments