Morning dear fellow traders ,
Woke up to a nice hidden divergence in momentum on the 30m. These can present nice tight SL opportunities, but this one happened in my "any side will probably take it again for a ride" territory , so a little less important and also more chances that it is treacherous, as it tends to be followed by a straight close of the low of it-1220, the SL, and even before a close above recent high-1247 can happen -- the latter being the first condition to be met for SL&TP to radically start changing for the better - into a rabbit hole.
Also, 1250s is entry to an even more important resistance world for me, and price is right at its door. Could destroy the setup, or maybe actually help galvanize price into breaking clean through. Watching >1253 very closely !
Instead of opening another long, I set new SL and TP on one less strong setup taken yesterday. First TP is about when rsi>75 on 30min cdl close. Cannot take any more longs in this territory and so close to the news. Probably would need at least a good 4 hour completely above 1250, or less, if strength of rise is above average. A bit more likely that that will fail in this downtrend, but risk is worth it still, for now.
All my SLs are at BE and am waiting mainly to see what happens from here till the big news. I will not add to what I shared in previous posts about bulls' and bears' potential just yet, but if is happening what I think could now be happening, it will make this beginning of the year much much much more interesting.
Have a good trading day everyone.
Woke up to a nice hidden divergence in momentum on the 30m. These can present nice tight SL opportunities, but this one happened in my "any side will probably take it again for a ride" territory , so a little less important and also more chances that it is treacherous, as it tends to be followed by a straight close of the low of it-1220, the SL, and even before a close above recent high-1247 can happen -- the latter being the first condition to be met for SL&TP to radically start changing for the better - into a rabbit hole.
Also, 1250s is entry to an even more important resistance world for me, and price is right at its door. Could destroy the setup, or maybe actually help galvanize price into breaking clean through. Watching >1253 very closely !
Instead of opening another long, I set new SL and TP on one less strong setup taken yesterday. First TP is about when rsi>75 on 30min cdl close. Cannot take any more longs in this territory and so close to the news. Probably would need at least a good 4 hour completely above 1250, or less, if strength of rise is above average. A bit more likely that that will fail in this downtrend, but risk is worth it still, for now.
All my SLs are at BE and am waiting mainly to see what happens from here till the big news. I will not add to what I shared in previous posts about bulls' and bears' potential just yet, but if is happening what I think could now be happening, it will make this beginning of the year much much much more interesting.
Have a good trading day everyone.
DislikedBulls most likely done. Or perhaps they want to see 1.12624, and then they go to bed.Ignored
If I don't mention SL and/or TP = longer-term setup possibly in the works!
3