If you have missed my call yesterday, there has still been some good entry points to get in. Check out the chart below:
Here is a more detailed analysis why 1088-1090 was a good buying point
- This is a classical “spring” according to Wyckoff Schematics. To find out whether this was a turning point, I used other tools, like MACD Divergence, which really helps to find possible short term tops and bottoms, and classical pattern recognition – we had a really nice double bottom on 5-min chart. Also, as I have written before, the Double bottoms in GOLD and EUR/USD also indicated a hight potencial in reversal.
- This is a 50% Fibonacci retracement level. A good area to add to your longs or to enter a new position.
- I am looking for 1107 as a first target. Again, no fancy indicators used. I was thinking of that level as a good target, because it was a previous pivot point. But now I am more confident in this level, as we have Cup and Handle Built, and according to textbooks, the next target equals the high of the Cup. So, in case you have no position right now, you might want to get in for a nice 10 pt. profit.
