D1 Chart
As discussed, we are now at an important (formation) mark. The trend break or the keeping of the trend, the possibility opens larger movement afterwards.
$ 12,000 up target, $ 8,000 down target are quite likely.
Here we meet a Fibonacci support who keeps to the current hour. We have a Trendline (pink) which is currently being tested. Leaving the Trendline sets the direction of the trade.
RSI, Wavetrend are pointing down, but could turn here because if the RSI continues to fall, we probably have bullish divergences.
Let's break down,
1) the confirmation candle (a complete candle that does not touch the trend) would be tradable as a risky variant.
2) We wait for the retest of the trend from below, and then trade the leg of the pink trend. Disadvantage is that ev there is no retest.
3) You combine both with money management. Goes small with 1) and gives up the stoploss for the retest and increases the short.
The current support stops.
1) Then we are up to 12,000 ~ 12,500 $ in the sideways movement. You have to act that way as well, be careful, because there is a lot of resistance on the way there.
2) I would like to see that the PPivot together with the two MA are there with a lot of volume is broken up. Before that I do not make any plans on the long side.
Of course you can trade it on smaller time units (scalps), but that's not the point here.
And the general question that always comes
"Where are we going?"
Answer:
I do not care where it goes, a good trader has a plan for both.
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