Looks like a sell to me

Surely this is a sell setting up. The only thing in question is when will it break and how far will it go. Of course it could go all the way to the bottom of the Daily channel but be aware that it could also be scribing out a ABC correction (see snapshot below) Either way I'm looking for a short trade initially then we'll watch what happens.

I'll update my analysis as price develops so remember to follow to receive them. You can also follow updates via twitter (link from my TV profile)

Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve

評論:

Just be aware that although we are looking for a sell it may not go all the way to the bottom of the channel - we could simply get a correction like this and then a move long. Either way the short trade should produce some nice profit before we need to make a decision.

評論:

A nice days work lol.

評論:

Guys we've had a strong move down and now we need to consider what next. Will price move further down toward the channel bottom or will we see an ABC correction of the previous move up. I don't trade the news but naturally I am aware of it and it's potential effects on price movement. Given the UK election result the changes of a "hard" Brexit are greatly reduced which should please the market once the news sinks in. Therefore be aware that there is a high possibility that we'll get something more like the idea I've posted below. I've taken a very nice profit form this and I'm now waiting to see what happens next.

評論:

Looks like my ABC theory is playing out. I'll be looking for a short trade soon.

評論:

Ok we've had the completion of B and now price is pushing back down toward C. Price will possibly push the end of A and go long but we'll worry about that when we get there.

評論:

Looks like I moved B to soon. It's now looking very similar to my first idea