Quote:
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Originally Posted by Summerset
Limit Buy @ 115.55 for 1.5% exposure. Target 119. Stop 115.05
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Order filled with SL currently at Entry.
Analysis:-
On the daily chart, the bear flag shown has reversed into an inverted double top formation = double bottom, whose neckline was decisively broken & closed above last week.
We actually bought the breakout from this neckline guided by a WSI 4hr signal. This signal is trading extensions of the swing 5-->A shown.
As indicated, the 1st target at 61.8% fib Extension is 118.70
The double bottom target concurrs with the 100% Fib Extension at 120.
And should we be riding an extended "C" wave, the 161% Fib extension concurrs with the top of the desending triangle on the monthly chart at 122.50 - (See attached monthly Chart)
Should the WSI on daily signal to confirm the 4hr breakout, this would indicate a prolonged "C" to 122.50
Currently however our target is 118.70. Having also made over 100 points of floating profits, we will attempt to add on position, by buying bounces on the 1hr & 4hr trendlines - raising the overall position averages - and initally aiming for the 118.70 target
Profitable Trading