DislikedYesterdays Bank Hol PA got GU back below 5471....Given we are between 5471 and 5318 a buying area in my eyes I would expect us to range and accumulate before reversing...It will not be easy and thats for sure as it has already proven. Only 2 areas im looking to set medium term long is 5471 and 5318 zone. Stops are moved to b/e soon as trade is +40/50. Given we are back below 5471 I will wait for 4hrly and daily close above 5471 before going long Or price to trade down to 5318 May monthly high. In the mean time there are plenty of intraday levels...Ignored
Sorry for the lack of posts but I have been sticking to buying 5320 zone and selling 5471 as per previous posts.....Hardly even scalping in between the two as im preferring to let the chop settle once the market has formed a bottom around this area we are currently trading (5471-5318). I usually find there will be adverse rash movement in price induced by the bigger players before a bottom is formed just to clear traders stops....A break below 5318 /50% fib at 5114 will negate my long term analysis but until then my bias remains long around 5471 and 5318.
I have attached a daily chart....shows volume clearly dropping since the 24th Aug which shows selling interest is falling around this level...first sign to a bottom formation. Yesterdays candle is the first candle formed on increased volume since the 24th and it had formed at 5318 as a doji. The steady bearish movement since the 12th Aug has formed a price trap formation using 5318 as support....a daily hold outside this to the upside will be a good signal we are going to have a bullish run. Beware of fakeouts on lower TF's.
Stocky