A high level of momentum for the move up today could mean the continued move up to the recent extreme supply zone in what appears to be a mini 5 elliott wave. I will not be trading this one as I had already traded a BUY earlier on in the move up and got stopped out for profit on a retrace. Jumping back in does not fit my strategy.
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Although I'm not trading this move up, it's good to watch an idea on the possible path appear to come good. Hopefully, it will continue all the way to the zone identified.
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Still looking like the possible path is on. There may even be a chance to trade the first wave A down but it all depends on how the chart and indicators read. The momentum indicator is already showing signs of slowing.
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With price popping into the zone and back down again, to SELL from here would require an extensive STOP, ideally set above the zone with some wiggle room. That's high risk so I intend to wait to see if price comes back up to the zone before entering a SELL. There is good divergence on the momentum indicator and it has fallen below the 14MA although it is still positive. If the price drops down further then that's fine. That gives me confidence that my chart reading is correct. Another trade that is more comfortable to take will always come along.
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Price has now gone back into the zone but closed short of it and momentum indicator is now on or just above the 14MA. This has taken it outside my trading parameters so I will not enter a SELL despite my gut willing me on! I also note that there is quite a lot of separation between the 5EMA and 11SMA. It would be nice to see them closer together and momentum under the 14day average. I am happy with the path so far. I'll be watching closely as usual.
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Price gone beyond the possible path zone. Still divergence on the momentum indicator set at 14 period with 14ma. Sticking with the trading strategy and ignoring my gut has saved a big loss. Be patient and carry on watching.
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With the 14SMA and 5EMA still so far apart, I would not be willing to trade just yet. I would prefer to wait until they are closer together.