It is never easy is it. I am a little concerned about this trade due to the bearish divergences (Price making higher high, while indicators failing to make higher high) in OSMA's on the 4 hour and 30 minute charts. We did get a bullish candle formation on the 4 hour chart in the form of the hammer bottom. Price pulled back to 1.3320 which corresponds almost exactly with a 50% retracement from yesterday's high. With a break and retest of 0.0 Fib level (3o minute chart)at 1.3437 the projected price extension level would be the 161.8 Fib extension at 1.3576.
Travis,
ReplyDeleteI have to confess you are very breave to hunt this break above 1.3440
Well, I am usually the one miss all the big runs, but perhaps you´re right - but real danger in here 1.3440 behaves as temporary top. There´s real danger in here market is working with one orthodox top again, inlucing SPX as stockmarket. There´s strong pivot resistances ahead with 905-913 area and market might afraid that SMA200 line which is right ahead now.
Regards,
Market Geometry Blogger
Your analysis played out. Thank You very much for the feedback
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