First the charts.
In order from left to right – 4 Hour, Daily, Weekly.
On the 4 hour chart (which I really don’t like for many reasons, but it is useful sometimes…like this time.) Divergence on the MACD. Trouble coming up with the convergence of the 65 EMA, 50% Fib and a longterm S & R area. However, they all explain themselves in the longer time frames.
On the Daily chart. A close above 3750(ish) will confirm my long bias. I have a small Long in already from 3589 (call it a gut feeling from there) but I will add a full long on a close about 3750. My targets are on the chart @4100 and then further @ 4200, 4250(ish). the 65 EMA is moving down trying to “catch up” to the price. It will and I think that price needs to relieve some “pressure” before moving down further.
Weekly. I see the dip below the S & R zone and the indecision bar from the previous week as a buy signal as long as it can clear the Support turned Resistance (which is still support ;).
What strategy is this? Semi – Mid to Long term. Not a Martingale, just a simple chart analysis and an opportunity taken. I have a 100 pip trailing stop that is already 41 pips in profit if it is triggered right at this moment.
I will update as we move!