ON monthly, price seems to be reacting to fib 2 n 3. Should price be really playing out this HNS neckline retest, fib2 level will be a possible area to target profit on.
I shall not repeat the importance of 52 weeks level; 1995 low has been proven to be the level that market has watched out for.
Obviously Price has reached key levels once again.
However no setup yet.
To trade big positions and not screw up, I will truly believe in
Big Picture – Setup – Trigger
Right now 2 possibilities to play off this bias:
1) earlier , speculative trigger with a 3 day bull trap
upside, less pip risk, earlier entry into a longer term trade
downside , easier to get taken out with no clear strong res in this scenario
2) more confirmation via a wr3B
upside. price likely to have shown reversal from key res
downside: smaller pos since pip risk have become larger.
So what say me?
tentative plan: smaller feeler position at 3 day bull trap
then another batch when wr3b is completed.