Hello traders,
So after we broke the trend/channel from yesterday, we once again found strong support at the 7750 level. The resistance line (red) is at 8400, twice confirmed.
I still believe we are in an ascending triangle as the lows are trending higher and the highs are level at 8400. We do drop below support from time to time, but it is quickly bought back up strongly. I don't think this irrational parabola is done just yet, so I am long until I see further weakness in the support. The fact that this support has been touched 4-5 times now this week and has seen strong buying tells me whoever (or whatever) is manipulating this price up is not done doing so just yet.
I have a stop loss set at 7500 as I believe if we hit that, we are going down further. It will fall very fast as the rise has been very fast. You don't want to be caught with your pants down here. Always set a stop loss upon entering every trade.
For profit targets, I am thinking 9250 would be good to take some as that would bring us to the upper part of the channel. I'm not going to sell everything though as it may rise further, this market is pure emotion at this point. Anything can happen.
Good luck everyone!
So after we broke the trend/channel from yesterday, we once again found strong support at the 7750 level. The resistance line (red) is at 8400, twice confirmed.
I still believe we are in an ascending triangle as the lows are trending higher and the highs are level at 8400. We do drop below support from time to time, but it is quickly bought back up strongly. I don't think this irrational parabola is done just yet, so I am long until I see further weakness in the support. The fact that this support has been touched 4-5 times now this week and has seen strong buying tells me whoever (or whatever) is manipulating this price up is not done doing so just yet.
I have a stop loss set at 7500 as I believe if we hit that, we are going down further. It will fall very fast as the rise has been very fast. You don't want to be caught with your pants down here. Always set a stop loss upon entering every trade.
For profit targets, I am thinking 9250 would be good to take some as that would bring us to the upper part of the channel. I'm not going to sell everything though as it may rise further, this market is pure emotion at this point. Anything can happen.
Good luck everyone!
