Price has pierced the H4 Kumo Cloud and tested the Weekly Pivot Point,
after which we saw this long wick candle yesterday, ominous for a bear.
But as price came back to the Cloud, it was again rejected, and close below
with a doji. The doji high can be used to place stops above, aiming for the
Monthly Pivot point. A close below the Weekly pivot point which then act
as resistance, will target the Weekly S2.
Since the Cloud break out happened without a bearish Cloud twist, it wasn´t
a clean breakout, that I would trade myself, yet, for a more convinced bear
the white equilibrium line, can be used as a trail stop.
But as I see it, this is just a retracement, for another upward leg, aiming for the
Yearly R2 at 1.2092, so it will be useful to think about were to get long. Perhaps
by the Monthly PP. It is less likely, in an uptrend if it is strong, that we see
a move to the Monthly S1. Either way, The Monthly S1 should hold and retracement
in an uptrend, so that should be the last resort. Below that, we will have to consider
the possibility for current high being a reversal point, also on higher time frames.
after which we saw this long wick candle yesterday, ominous for a bear.
But as price came back to the Cloud, it was again rejected, and close below
with a doji. The doji high can be used to place stops above, aiming for the
Monthly Pivot point. A close below the Weekly pivot point which then act
as resistance, will target the Weekly S2.
Since the Cloud break out happened without a bearish Cloud twist, it wasn´t
a clean breakout, that I would trade myself, yet, for a more convinced bear
the white equilibrium line, can be used as a trail stop.
But as I see it, this is just a retracement, for another upward leg, aiming for the
Yearly R2 at 1.2092, so it will be useful to think about were to get long. Perhaps
by the Monthly PP. It is less likely, in an uptrend if it is strong, that we see
a move to the Monthly S1. Either way, The Monthly S1 should hold and retracement
in an uptrend, so that should be the last resort. Below that, we will have to consider
the possibility for current high being a reversal point, also on higher time frames.