Above: 4526, 4555, 4600
Below: 4473, 4460
I am mainly waiting for an opportunity to short as we're moving up. Ideally price gets closer to 4600 or at least 4550+. The potential levels above are where my current focus is. Price is above the median and half way between the upper TC which means the potential for zig zagging is there. The overall position from the recent BO from 4460 appears to be losing some steam. Usually the strength after the breakout and retracement is a sign of genuine intent and here price hasn't been able to decisively go upwards. Nonetheless, price isn't dropping either and that puts some ambiguity in the whole assessment.
Yesterday's action of demand giving up, recovering, asserting, and giving up again was a sign of uncertainty and uncommittedness. Today's action of demand preventing downward continuation before the open on the hourly (TDTDB) puts odds a bit in favor of potential to the upside. Yet, only in real would we know what traders are trying to do. Price has had a few days of moving up consecutively, and demand understandably may need some rest before reasserting. Whether price gets to the levels I deem important is yet to be seen.
The safest and most profitable entries are around TC or TR extremes and waiting for these juicy entries usually is far more rewarding than trifling with mediocrity.
Gringo
Below: 4473, 4460
I am mainly waiting for an opportunity to short as we're moving up. Ideally price gets closer to 4600 or at least 4550+. The potential levels above are where my current focus is. Price is above the median and half way between the upper TC which means the potential for zig zagging is there. The overall position from the recent BO from 4460 appears to be losing some steam. Usually the strength after the breakout and retracement is a sign of genuine intent and here price hasn't been able to decisively go upwards. Nonetheless, price isn't dropping either and that puts some ambiguity in the whole assessment.
Yesterday's action of demand giving up, recovering, asserting, and giving up again was a sign of uncertainty and uncommittedness. Today's action of demand preventing downward continuation before the open on the hourly (TDTDB) puts odds a bit in favor of potential to the upside. Yet, only in real would we know what traders are trying to do. Price has had a few days of moving up consecutively, and demand understandably may need some rest before reasserting. Whether price gets to the levels I deem important is yet to be seen.
The safest and most profitable entries are around TC or TR extremes and waiting for these juicy entries usually is far more rewarding than trifling with mediocrity.
Gringo
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