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thank you so much for the clarification, as long as I don't identify selling during consolidation near resistance, that is absorption, and I will wait for retest this area to enter trade.
Correct. Be patient and wait for a possible supply bar. You don't have to catch a "top". The idea is to have a proper and hopefully profitable trade.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
The longer term trend has been down with a weak background. The rally in this downtrend seemed to have stopping action to the area you described. So with this behavior, it appears we should be going lower.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.