Been trading recently with Higher TFs.
With the weeks of consolidation on the GJ, I have also been scalping a bit as well.
Here are some higher TF charts.
On the Daily fib chart:
We have already seen a 61.8 fib retrace from the last move up.
Thursdays bar closed a tab bearish/neutral.
Friday close a tad bullish.
I do think the over all momentum here is UP, but I do feel that we could see as low as 209.7 or 209.32 again before moving up to 212 area and beyond.
4H TL chart shows that Friday closed under two of the upper TLs and the 211.21 Resistance area.
This could hold us a down a touch longer or we could just blow through on open.
This is what I'll be watching, with a 1H or 4H close above 211.21 and I'll be long at that point.
Either way, we will see a break out if not today, tomorrow as the Daily chart has been pushing itself into this wedge for days.
The upper TL on the daily is a LONG term TL, that has been holding, hence my skepticism for Long until that is smashed.
I DO think we are entering our LONG term up trend, but think we could have another day or so, of confusion.
Trade smart.
kj
With the weeks of consolidation on the GJ, I have also been scalping a bit as well.
Here are some higher TF charts.
On the Daily fib chart:
We have already seen a 61.8 fib retrace from the last move up.
Thursdays bar closed a tab bearish/neutral.
Friday close a tad bullish.
I do think the over all momentum here is UP, but I do feel that we could see as low as 209.7 or 209.32 again before moving up to 212 area and beyond.
4H TL chart shows that Friday closed under two of the upper TLs and the 211.21 Resistance area.
This could hold us a down a touch longer or we could just blow through on open.
This is what I'll be watching, with a 1H or 4H close above 211.21 and I'll be long at that point.
Either way, we will see a break out if not today, tomorrow as the Daily chart has been pushing itself into this wedge for days.
The upper TL on the daily is a LONG term TL, that has been holding, hence my skepticism for Long until that is smashed.
I DO think we are entering our LONG term up trend, but think we could have another day or so, of confusion.
Trade smart.
kj