G'Day Ladles and Gentlespoons,
How about that green huh? Did you get in and make a little trade or are you still waiting for some confirmation the bulls are back.
On the Daily we have a nice long falling wedge pattern, also the RSI is still very low, with plenty of room to move, but on the hourly we are building into the tip of a rising wedge as we come close the outer of the pattern, there is a good chance that after say 7400-7500 we could fall back to the bottom of the falling wedge one more time before attempting breakout, if volume comes in the next hour or two we may see that without a fall but the odds would be fairly low, either way play it safe, try a short at or near the top of the wedge with a stop loss above it, if long I would suggest taking some profit soon. You can always get back in to the trade if need be.
Good luck and Happy Hunting Cobbers.
G'day
Thanks for dropping by, hopefully you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
How about that green huh? Did you get in and make a little trade or are you still waiting for some confirmation the bulls are back.
On the Daily we have a nice long falling wedge pattern, also the RSI is still very low, with plenty of room to move, but on the hourly we are building into the tip of a rising wedge as we come close the outer of the pattern, there is a good chance that after say 7400-7500 we could fall back to the bottom of the falling wedge one more time before attempting breakout, if volume comes in the next hour or two we may see that without a fall but the odds would be fairly low, either way play it safe, try a short at or near the top of the wedge with a stop loss above it, if long I would suggest taking some profit soon. You can always get back in to the trade if need be.
Good luck and Happy Hunting Cobbers.
G'day
Thanks for dropping by, hopefully you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
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Bull pennant on the hourly
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We can dream.
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Some bearish divergence on the 1 hr chart.
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Possible retrace to 7200 coming in.
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Bearish Div.
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H&S about to break neckline
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Fingers crossed.
Trade closed: target reached
