Two possible scenarios, up and down. With many swings from supports and resistances. If price goes over 5800, opens targets 6000 and higher. There is a very high probability to see the sell-off from 6400-6500 high. The 5200 low would probably not be a bottom in the downtrend.
Where is your stop? What are the chances of some unexpected FOMO after breaking this resistance?
Like2Move
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@ambrosia, This time expectations are not fulfilled - maybe because of too little analysis at a higher TimeFrame.
Drop expected - does not mean Short. Because there is another important rule - don't trade against the trend in order to catch a slight correction.
ambrosia
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@Like2Move, Thanks! Looking forward to your next analysis! Can you recommend some books or websites to study your trading method? I'm very interested.
malotiin
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Hi.
Thanks for your work. A question for you: How much time (how many 1h candles for example) do your trading system wait into a consolidation of price after an upward move like the last one to predict that it needs to correct.. now? In other words, how many time do your predictive analysys take into account to stat that price it is not getting any higher/lower in the same move?
thaks sir.
Like2Move
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@malotiin, in my analysis, the process length parameter is not used. Here, the amplitude of motion, the ratio of movements to previous movements plays a role. Graphical elements of the technical analysis indicate the price levels where the price should go.
aheoro
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Agreed with you)
sergionero
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If price breaks 6090 then where to seek entry point for rally?
Or breaking 6090 will trigger downtrend?
Like2Move
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@sergionero, deeper correction. Depends on drop deep.
ambrosia
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Quite a strong drive to 6300! Are the bulls done or do you think the we are we going higher?
Like2Move
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@ambrosia, I expect stronger retrace from 6400...6500 high. Or even from recent 6300+. Be careful.