Care your longs, consolidation and pull back is possible
While I precisely saw the major bullish divergence around 8,85 low, I missed this bullish reversal and breakout trade. (I traded EURCAD long instead). But some people may still have bullish position, so I thought I share my view and a few warning signals.
Daily:
- Ichimoku is bullish. In fact it is "too bullish", price is far above 9,0150 equilibrium, marked by Kijun and forward Senkou B -> overbought condition, market should consolidate and let averages catch up, or pull back a bit towards equilibrium.
- Heikin-Ashi is bullish, but it's already clear that haDelta and haOscillator have started to build some short term negative divergence. haOscillator is below central line.
- Possible short term bearish wedge pattern is forming, as the price increase was very agressive from the lows.
- EWO is bullish, but it might print a double top in value
- MACD is bullish, with lines slowly converging
4H:
No more additional info here, just to see more precisely the supports:
9,1865 / 9,14 - 9,1560 / 9,10
Startegy: If you are long, sell covered calls and/or reduce some of your bullish exposure in 9,21-9,25 zone
Daily:
- Ichimoku is bullish. In fact it is "too bullish", price is far above 9,0150 equilibrium, marked by Kijun and forward Senkou B -> overbought condition, market should consolidate and let averages catch up, or pull back a bit towards equilibrium.
- Heikin-Ashi is bullish, but it's already clear that haDelta and haOscillator have started to build some short term negative divergence. haOscillator is below central line.
- Possible short term bearish wedge pattern is forming, as the price increase was very agressive from the lows.
- EWO is bullish, but it might print a double top in value
- MACD is bullish, with lines slowly converging
4H:
No more additional info here, just to see more precisely the supports:
9,1865 / 9,14 - 9,1560 / 9,10
Startegy: If you are long, sell covered calls and/or reduce some of your bullish exposure in 9,21-9,25 zone
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