Looks like I'm on a streak right now, made some good decisions lately and I'm really feeling the market, I Hope that i helped someone with my ideas. :)
So whats the next move?
Right now we have established a that still is valid, though while i was charting out everything i saw that there was an attempt to break the channel, as of now it's still valid. (You can see the thin wick of a candle dropping out from it, as long as the wick is thin and not filled out this is a very sign)
Since my last post we had a crossover, we had amazing that's gave us a leg to stand on, however, we are not running right now, but rather slowly creeping up to establish another, larger channel to move within.
Good thing is that I see support appearing all over the board, but the bears are very stubborn and trying to kick us down again, but my feeling is that we simply had enough now.
What' will happen next?
My gut says that bears will try to break this channel to force out liquidation on people that are keeping tight stops, and this may happen but I would not worry to much about it unless we move towards the mid or lower end of 500€,
but if that were to happen, it would signal that we are in a bull trap, however i would say that the bull trap already happened at when we went from 565 to 810€ -> then DROP all the way to my long target (green zone), a prediction i made in my earlier charts.
I have encircled the zone we need to move inside, this current that we are moving within right now will prove us a entry to a much larger channel which will open up for a much wider uptrend.
Since i started my long i have moved up my stop loss, to right above 500€ to protect my profits.
Good luck trading