From a technical perspective, I have identified a simple setup in the form of a trend continuation pattern where there is the possibility of either a breakout or rejection of this trendline to send price, either way, this new week.
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Outlook on the 15-minute timeframe:
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Running just as expected: I am locking in some profit
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I was taking out of my selling position with some profit. So, I am looking for another selling opportunity. Price action is been monitored to see where this retracement will end
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With multiple rejections evolving into what looks like a reversal pattern; Are we going to see a selling opportunity below the $13,000 area in the nearest future?
A breakdown/retest of the $13,000 could be the selling continuation I have been looking for in the last 24 hours
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For the sake of clarity; this is the bearish trendline on the daily timeframe
If a successful breakout of this level to the upside happen then I will be waiting at the $13,200 bus stop for selling opportunity.
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Price is back at where it started this week and with multiple rejections of this zone; I am of the opinion that price is about to continue in the direction of the prior leading price action.
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Its over 350pips in profit; locking some profit
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It's over 400 pips in profit. I am locking in some profit and extending my TP to $12,500. Depending on how the market structure plays, I intend to extend my TP accordingly.
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THIS IS MY TRADE FOR THE WEEK! Over 1,200pips in two trades