On a medium term analysis we continue without a clear view of either a downtrend continuation or a reversal. As far I am concerned I don't think that I would open a position this week until when the weekly candle closes. The way to interpret the weekly chart is by looking at the moving average @1276.84, a weekly close below that and the downtrend continues into the next week and a close above 1290 will retest the high @1305.
On a daily chart my view is still the same, a break above 1290 will lead to a test of 1300/1305 and a close below 1277 will put pressure on the support @1276 which if broken will take the price down to 1261.
Considering that all in all this month has been positive to my account I would rather make sure that my next position is a winning one and for that reason I would likely stay away until next week.
Disclosure: I setup a sell order @1290 with SL @1302 and TP 1200 and a buy order @1303 SL 1293 TP 1347. If both orders go wrong my total risk will be USD 20 on price which have already been booked as a profit. I will not scalp on this scenario but I do see scalping opportunities though for those who like it.
On a daily chart my view is still the same, a break above 1290 will lead to a test of 1300/1305 and a close below 1277 will put pressure on the support @1276 which if broken will take the price down to 1261.
Considering that all in all this month has been positive to my account I would rather make sure that my next position is a winning one and for that reason I would likely stay away until next week.
Disclosure: I setup a sell order @1290 with SL @1302 and TP 1200 and a buy order @1303 SL 1293 TP 1347. If both orders go wrong my total risk will be USD 20 on price which have already been booked as a profit. I will not scalp on this scenario but I do see scalping opportunities though for those who like it.
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