It was a bank holiday yesterday here in the UK, so as a result, I decided to take a rare break from the screens and spend some time in the New Forest to enjoy what could well be the very last summer time weekend of the year. That doesn’t necessarily mean that it is the end of the sunshine, just that the official summer season. Where has the year gone?
As for price action in trading yesterday, we have tested and broken below the triangle that was developing on the H4 chart. We have also broken below the fork that was developing on the 2500 tick chart. So buyers are heading back to the drawing board as they hand control (once again) back over to the sellers.
We have a clearly bearish mood thanks mostly to North Korea firing missle(s) over Japan. THere are reports of rioting and unrest around the Korean peninsula too. It’s developing into an uncomfortable situation, so this encourages risk off and allows selling opportunities to be a much higher probability for traders.
There is a gap above us which opened this morning, so a retracement to that is interesting from a shorting perspective.
Downside targets (FXCM) are 12015, 11933 which were previous lows. 11975 which was a Point Of Control (POC) from earlier in August. Below these levels is interesting because it will be the lowest we have seen since March.
My $125 challenge is still waiting for a new opportunity. My most recent update was to sell my entire RRT holding (1230 coins) for a 5x return. I was going to buy back in at 0.16, but decided against it.
I am now watching IOTA and am looking to learn more about their coding contributions, to really understand the fundamentals of the project. Because that’s looking to be a place to put some of my profit.
Current balance $459