GGP Deep Dive
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Here's a macro macro (1 week chart) deep dive on GGP:
- No fundamentals here, just looking at the chart zoomed way out.
- Price bounced from the 0.786 fibonacci retracement (1 week chart). A good place for an entry, but only in hindsight now.
- Looking for this level to hold ~ 9.44, and on the lower time frames it looks as though price action is trying to form a swing higher low ~10.00.
- One might want to take an entry here in the hope that this higher low plays out and we get a reversal. But we need to go to lower time frames though as to whether or not here would be good for an entry.
- There is an overhead diagonal resistance also, blue line, which is something to keep an eye on.
- Also there is clear resistance, dead centre on the RSI, which makes sense as that price action has been bearish and therefore RSI oscillating below ~50. It would be interesting to see that resistance broken down and for price action to break above the 50 line.
1 hour and 4 hour:
- The price action and ichimoku cloud indicator shows that price action is bearish. On the 1 hour there is even a bear flag forming.
If i was in a position here:
- I would feel that I might have weathered most of the down move, and a relief rally to the upside was on the cards.
If i was taking a position here, 2 options:
(1) take an entry here, and hope the higher low plays out. A stop-loss would sit below, 9.44 (and as such, your price target should reflect this in its risk/reward ratio.
(2) wait for confirmation of an entry on the lower time frames. This might look like a bullish divergence on the 4 hour, or price action unfolding long enough sideways, that you get price action and the lagging span (ichimoku) both above the cloud on the 1 hour (and for a better quality trade) the 4 hour.
Price targets
- On a quick glance, the most immediate price target for me would be 12.82, then 15.32 after that.
- No fundamentals here, just looking at the chart zoomed way out.
- Price bounced from the 0.786 fibonacci retracement (1 week chart). A good place for an entry, but only in hindsight now.
- Looking for this level to hold ~ 9.44, and on the lower time frames it looks as though price action is trying to form a swing higher low ~10.00.
- One might want to take an entry here in the hope that this higher low plays out and we get a reversal. But we need to go to lower time frames though as to whether or not here would be good for an entry.
- There is an overhead diagonal resistance also, blue line, which is something to keep an eye on.
- Also there is clear resistance, dead centre on the RSI, which makes sense as that price action has been bearish and therefore RSI oscillating below ~50. It would be interesting to see that resistance broken down and for price action to break above the 50 line.
1 hour and 4 hour:
- The price action and ichimoku cloud indicator shows that price action is bearish. On the 1 hour there is even a bear flag forming.
If i was in a position here:
- I would feel that I might have weathered most of the down move, and a relief rally to the upside was on the cards.
If i was taking a position here, 2 options:
(1) take an entry here, and hope the higher low plays out. A stop-loss would sit below, 9.44 (and as such, your price target should reflect this in its risk/reward ratio.
(2) wait for confirmation of an entry on the lower time frames. This might look like a bullish divergence on the 4 hour, or price action unfolding long enough sideways, that you get price action and the lagging span (ichimoku) both above the cloud on the 1 hour (and for a better quality trade) the 4 hour.
Price targets
- On a quick glance, the most immediate price target for me would be 12.82, then 15.32 after that.
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