Break above/close above signals trend continuation trade
We see that price has closed above .73400s - .74000s, which has served as a major resistance level out on our daily timeframe. Should we drop down to an hourly to execute, we see that a pullback into structure is the best way to get involved long, as the market has signaled it's intention to go higher.
We see that anywhere in the grey box (daily resistance zone) can present the potential reversal area. We also see a nice little treat of a .618 retracement waiting for us around that same zone. We will take profits not with the expectation that price will print higher highs (it should) but rather, that price will retest the most recent highs. If the market just continues to shoot higher, well, we don't have a trade....
Benny Manieri
We see that anywhere in the grey box (daily resistance zone) can present the potential reversal area. We also see a nice little treat of a .618 retracement waiting for us around that same zone. We will take profits not with the expectation that price will print higher highs (it should) but rather, that price will retest the most recent highs. If the market just continues to shoot higher, well, we don't have a trade....
Benny Manieri