Interesting day on the hourly chart. We made a higher low with the 8/5/21 4am - 5am ET candle. Then we got a nice acceleration to the upside, forming a new swing high, followed by a retracement channel forming a Bullish Flag formation. Finally, we closed right on the 8ema at 1328 1/2.
This is bullish price action, which is encouraging. Of course, we could drop hard overnight. If you look from a higher time frame, this whole upward trend, since the D2 point, could look like a Bearish Flag formation.
Stochastics started downward during the end of day profit taking. This could be interpreted as making room for more upside, or as the beginning of the end of this uptrend.
So the best strategy seems to be holding our position but moving the Stop up to break even (1318).
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