I’m seeing people confirming bull markets and other (dare I say ridiculous) statements floating around the internet, as happens every time price moves up. Unfortunately, most people can only see what they want to see..
Granted, this is a significant move, but at the moment I don’t see it going much higher anywhere soon. The bottled up hope that is released by the whole space every time goes up a few hundred points may again be the fuel added onto the selling fire..
We topped around the top if the gray resistance box, where if you were in this trade should have taken at least some profit at that point. The entry signal printed yesterday, when the ribbon turned after having seen L2 and L1 signals. If you missed the trade, you’re late to the party.
Now we wait until the indicator prints either a red dot reversal signal and we get a reversal candle to go short (and this happens at the highs..). Or for price to pull back to the ribbon and for a L1 signal to go long. Either way, at the moment I would not consider entering any positions, as this smells like a trap… So now, we wait..
Patience is key, if you don’t have it, you should not be trading.
Published at Tue, 02 Apr 2019 20:30:33 +0000
