Hi GMI have been playing with the hourly,attempting to get a...

Hi GM

I have been playing with the hourly,attempting to get a bigger trend picture whilst still scalping.
The chart below shows some pretty easy identifiable trading points.
The divergence on the macd highlights that the up trend needs a breather. Gap down and break of trend line plus breaks through 41ema all says short opportunity.
That gap is a target for a long at a later point.We have an interim bounce then bounce off support at around 78.90
If you run a horizontal line you can see the support which was previously resistence on 28th May and also trend line support match up giving strength. My strategy is not to go long here because we are still in 'short' territory ie below the 41ema.Set the fib and see how it plays out. We pass through the down trend line and through the 41ema. Now is time for a long scalp. Personally I would have taken 20pips however you could have trusted the 61.8 fib line and got around 90. Price has broken down through the 41ema again which triggers short opportunities where another 90 pips was possible. We now sit on the trend line and a move either way is possible. I favour the up but if break of trend line then short is the way to go as we remain below the 41ema.