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NIO Inc.
So far so good for NIO, holding above 4.30 , but doesn’t show much of strength.
We need a momentum and first we need to see pattern for Up move forming – and I cannot see either right now.
Patience is what we need above all – before little Nio proves to be worthy we can only daydream.
DAX – GER 30
Dax broke marginally the support at 22.450 ( closed at 22.433.63) and based on severity of the drop ( I mentioned that possibility – Savage profit taking) , now the level below that is waiting is at 22.100
I am not expecting it to go straight down, but more of a tug of war game…
So stay put and unless we see a pattern forming for possible continuation UP ( and if it happens I’ll see it before it happens 🙂 , expect a change of the trend.
EURUSD Daily – Update
So far support at 1.04050 proved worthy.
For tomorrow it is going to be around 1.04100/150
Resistance is at 1.04450
Without tomorrow’s bar , this is no man’s land right now – if there was not a possible trend line just below it, I would call this as a Sell.
However, my historical trend lines never fail – so we need to see what is going to happen tomorrow before any direction might be considered.
XAUUSD – GOLD 4h
Here comes one hypothetical situation – kind of training session…in real time and for real money.
Let’s say one is Long Gold , waiting to see his/her profit target at 3.000 ( stubborn one :D, and missed to take a profit at previous highs ( seen it three times close to 2950.00)
Now what to do?
First to calculate if trailing stop at 2900.00 might work for him/her.If not, a tricky job is in front of us – for Gold to continue Up and reach a new high, 2935.00 has to be taken out in next two ( 2 ) hours.
If not taken out and this bar closes below 2935.00 , next leg will be down ( 95% chance)
I said two days ago that Top on Gold is being formed – when it comes to tops , after such a prolonged rally ( started on January 1st of this year ) few pips up or down do not matter – what matters is a formation – pattern that repeats every time , and it is becoming clear that without a decent correction this Rally is no more….
Now the rule is : once you miss the exit point / profit target , you have to bail out at best , even if at the end it moves in your direction more then you expected – you cannot afford another mistake – one is already done .
So, watch closely how it develops in next two hours and if it doesn’t go over 2935.00 start acting – you have enough time to think till then.
If you can live with the trailing stop at 2900.00 you can take your chance and in case Gold closes tonight above it, there is a chance of another leg up with a possible target at 3010.00
As long as you can exit your position with the profit , do not risk to have a loss at the end because you are hoping for another chance.
Suggested reading just posted in our blog
Have You Ever Thought Of Forex Trading Being a Series of Episodes?
USDJPY Daily
Yen coming close to Support at 151.100
Break of, would lead the pair to way more important support at 145.750
However if it manages to stay above ( close above ) 151.100 eyes will turn to Resistances at 153.900 and 154.750
Whatever happens next will give us a chance to surf it to some profits 😀
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