In my chart i show the for me most important levels - i call them action points!
The main direction is clear downwards!
We are here:
At present you can see a sideways-range in this TF, a Trading Box between ~ 128 - 140.
On the downside, we see a kind of Triple-Bottom which is not finished yet. This Bottom only can be seen as a bottom (good for a possible turnaround) with prices > the Midterm resist level @ 140-143.
Trading below that Midterm-support could initiate an ugly downwave down to the main support at 118-119.
Furthermore we can see the possible H&S which seems to be formed. The neckline is corresponding to the falling shortterm down trendline - this is an action point where a decision should be made: here you can exspect high volume and a clear deciding move.
Breaking through this action point could generate a tp at the upside at TP1: 135 (MAx TP H&S) and TP2: 138 (Box`s upper edge)
Two positions are thinkable:
long: stoppbuy with trigger = neckline, Sl = 128, TP = Box`s upperedge
short. stoppsell below 128, sl 131 tp 119
Best regards
mary
The main direction is clear downwards!
We are here:
On the downside, we see a kind of Triple-Bottom which is not finished yet. This Bottom only can be seen as a bottom (good for a possible turnaround) with prices > the Midterm resist level @ 140-143.
Trading below that Midterm-support could initiate an ugly downwave down to the main support at 118-119.
Furthermore we can see the possible H&S which seems to be formed. The neckline is corresponding to the falling shortterm down trendline - this is an action point where a decision should be made: here you can exspect high volume and a clear deciding move.
Breaking through this action point could generate a tp at the upside at TP1: 135 (MAx TP H&S) and TP2: 138 (Box`s upper edge)
Two positions are thinkable:
long: stoppbuy with trigger = neckline, Sl = 128, TP = Box`s upperedge
short. stoppsell below 128, sl 131 tp 119
Best regards
mary
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