Now, I know I'm the only one with this one on their radar. It's almost a no-brainer, which is slight suspicious... Tin-foil hat off- the RSI is overbought on a few timeframes and MACD has crossed over. The price has been ranging within a descending channel and the price is up toward the upper trendline of this channel. We are also sitting near the 0.618 fib of the latest major fall (red- upper trendline to lower). The price is at a few other fib extensions that I did not add to this chart (to avoid additional clutter).
I charted an imaginary fib (dark green) at the area I predict the price will hit so that I could name a take profit target. This price may continue to range within this channel, but That's a long term sell. Instead, I'm planning on targeting between the 0.236 and 0.382 levels of my imaginary fib. The brown 100 SMA line may act as a dynamic TP. The stop loss is above the upper trendline and also above the 0.786 of the big drop. Not a great risk to reward ration, so the less risk adverse may want to have the SL a little above the trendline.
Entry: 112.875
TP: 111.200
SL: 114.300
I'll include a larger view below so that things are clearer. I'll update as needed.
Good luck!
I charted an imaginary fib (dark green) at the area I predict the price will hit so that I could name a take profit target. This price may continue to range within this channel, but That's a long term sell. Instead, I'm planning on targeting between the 0.236 and 0.382 levels of my imaginary fib. The brown 100 SMA line may act as a dynamic TP. The stop loss is above the upper trendline and also above the 0.786 of the big drop. Not a great risk to reward ration, so the less risk adverse may want to have the SL a little above the trendline.
Entry: 112.875
TP: 111.200
SL: 114.300
I'll include a larger view below so that things are clearer. I'll update as needed.
Good luck!
İşlem aktif:
Truth be told, I can see how some may want to stay on a long position. MACD not ready to cross on the daily, and RSI not quite oversold. This could also be seen as a giant bull flag, so a break above this trendline may push the price to the blue upper resistance lines.
Still, the price should see some resistance at the trendline and my target is valid for a pullback, in my opinion. In fact, the 100 SMA on the daily lines up to my TP target, so that may be a great spot for a reversal. If that were to happen, then an leaning inverse head and shoulders would have formed (see third image below) and the price could be ready for a long term long to the blue lines (but that's assuming a lot).
Still, the price should see some resistance at the trendline and my target is valid for a pullback, in my opinion. In fact, the 100 SMA on the daily lines up to my TP target, so that may be a great spot for a reversal. If that were to happen, then an leaning inverse head and shoulders would have formed (see third image below) and the price could be ready for a long term long to the blue lines (but that's assuming a lot).
İşlem kapandı: durdurma seviyesi:
Well, that stunk. This was a lesson for me. First, I don't need to have such a wide SL when a strong area of resistance is broken. Second, UJ always kicks my butt when I trade it and I need to stay away.
Hopefully things worked out better for you!!
Hopefully things worked out better for you!!