As you can see market did drop from resistance as expected, whether this is a minor drop or not, time will tell. I have a sell that is looking good so far but i just set to close at breakeven just incase this drop is a minor retracement.
Now so far on the drop, market has bounced off the 50 EMA but this may not hold as you can see the red candle forming after the bounce.
The CM Ultimate MA is yet to change to red to confirm a downtrend on this view (1HR) but upon looking on some lower time frames, the change has occurred. Looking at the new indicator CM_ULTIMATE_MacD which I replaced the official MacD indicator with, I indicated in original chart that MacD looked overbought, this is reflected in this new indicator also, which turned red to the downside once market began to drop after hitting the resistance area.
Let's keep watching to see how things develop and keep looking at multiple time frames too for possible confirmation.
DISCLAIMER;
Do set stop losses but be generous with how much room you allow for this due to candle wicks and there is also the possibility to hedge yourself, for more confident traders.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
Now so far on the drop, market has bounced off the 50 EMA but this may not hold as you can see the red candle forming after the bounce.
The CM Ultimate MA is yet to change to red to confirm a downtrend on this view (1HR) but upon looking on some lower time frames, the change has occurred. Looking at the new indicator CM_ULTIMATE_MacD which I replaced the official MacD indicator with, I indicated in original chart that MacD looked overbought, this is reflected in this new indicator also, which turned red to the downside once market began to drop after hitting the resistance area.
Let's keep watching to see how things develop and keep looking at multiple time frames too for possible confirmation.
DISCLAIMER;
Do set stop losses but be generous with how much room you allow for this due to candle wicks and there is also the possibility to hedge yourself, for more confident traders.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
