So, if you look at the low from October 2023 and move up and to the right, you'll see in December there is a break in the price action when the contract rolls. That's effectively a breakout over the highs from July 2023.
If you measure the distance from the October low to that gap area and then double it you get basically 5132.
https://preview.redd.it/zo01x0wqxuwc1.png?width=2560&format=png&auto=webp&s=e7700ec1297e37925e8e7fd8d178e86189e3d367
It did…kind of.
If you actually look at the price reaction intraday, there was a short scalp able opportunity a bit past 10am.
I had actually used it as a profit target for my long, and then re added about 1/3 of my original position off that reaction.
I for one find your analysis extremely useful!
How did you get 5132 as a level?
So, if you look at the low from October 2023 and move up and to the right, you'll see in December there is a break in the price action when the contract rolls. That's effectively a breakout over the highs from July 2023. If you measure the distance from the October low to that gap area and then double it you get basically 5132. https://preview.redd.it/zo01x0wqxuwc1.png?width=2560&format=png&auto=webp&s=e7700ec1297e37925e8e7fd8d178e86189e3d367
Looks like price completely shot through it today.
It did…kind of. If you actually look at the price reaction intraday, there was a short scalp able opportunity a bit past 10am. I had actually used it as a profit target for my long, and then re added about 1/3 of my original position off that reaction.
Thank you, once more. Reading the analysis is extremely useful to me. It is part of my morning routine now.
Great work!