Nice to see you are still holding A2m
@Rock57. I think your position is currently pretty safe. I’ve been developing a short term CFD Trading System, so my charts may look a bit different to the usual ones I post. I use trend, momentum and cycle indicators in the system. The first chart is my trend and momentum chart and the second is my cycle-setup chart. I’ve added the long term support line that H00ts identified previously, to both charts. It looks like this up trend support line is one to watch closely. I removed the downward sloping pitchfork as I don’t think it adds much value to the TA. I can remember having a narrow short term downward sloping channel on the chart as well. It has now been invalidated and hence removed as well.
The Ichi chart shown below still shows a bearish view, but if the SP can break above the 1054c to 1064c resistance area and (hate to say it because I don’t worship the magical gap gods) close the gap above 1100c to 1197c, the SP would then be above the Ichi Cloud and the view would be bullish again. The SP closed today almost right on (a few cents above) the 1054c resistance level created by the High Volume Close on 16/05. Once again another level/area to watch closely. You should also note that the momentum indicator has been steadily moving up since the two bar reversal on 24/05. This further confirms the long term trend line shown in green on the chart.
View attachment 1137424
The Cycle chart shown below (my trade setup chart) shows that the short term cycle is now overbought. So the TA suggests that the odds are in favour of a pause at the 1054c resistance level and worst case a move back towards the long term trend line. If the SP moves above this level and into the gap area on good volume, this would be very bullish. Actually if you look at the chart I got a long trade setup signal on 05/06 but the trade wasn’t triggered on the next day. My 1ATR(10) target profit level was also at 1073c, i.e. above the resistance level, so I shouldn’t have taken the trade anyway. But it’s nice to see the SP moving in the direction my system suggested.
View attachment 1137427
Good luck everyone. It looks like the trend may be changing to up.
(20min delay)