Momentum is subsiding a bit and we may retest 9630, but breaking 9700 should be a relief rally.
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Notably the 4H chart is very bearish, lower lows / lower highs for the bast 12 hours with negative money flow, which will probably push this to re-test 9580 - 9620 support range. Wait and see.
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We broke down from the channel on volume, next support to watch is 9580 - 9615.
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Actually not all 4H candles were lower lows so there is still a level of bullishness. Having said that the descending triangle is a bit ominous on the long term chart
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Broke on heavy volume
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9580 is out, next is 9530 to watch, likely to bounce as its getting oversold heavily now.
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Bounce play
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Good 2-3x RR
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Though I had my doubts about the momentum during consolidation, however CMF showed accumulation and 15M oscillator was showing constant drop in bearish pressure which was followed by a textbook Kumo break on 5M on Volume!
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There is a ton of supply at 9645 and negative money flow indicates weakening momentum so this may revisit lower support
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Next good long entry setup if it bounces on to the lower edge of the cloud and no high volume drop coming in.
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Missed this train, CMF was actually showing accumulation and the hourly candle finished to to take 9640. Still wall of pain ahead, but good job from the bulls so far. I think for now this is a bit of no mans land until clear break of 9660 or back to 9615. Hope not to see 9580 or below again ...
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And that is why never chase price, it came back right to support as it reached the upper resistance
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sorry SL/TP tool was placed incorrectly on the previous chart
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Phew this was so close to reach SL, and the hourly looked pretty awful with a lot of bearish momentum, but ultimately it coiled up as accumulation and broke the thin kumo on volume like a charm
Taking 1/3rd profit here and moving SL to break even on the rest, let it fly, see what happens at 9700
Taking 1/3rd profit here and moving SL to break even on the rest, let it fly, see what happens at 9700
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Wall of pain above on the hourly still a fair bit away to be cleared. ETA up to 10H if momentum keeps up.
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and that is why Ichimoku is my favorite indicator:
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taking profit here, waiting for a new good setup