I see in my Daily stochastics analyse a perfect signal for a trend continuation. I can't explain this all here and how I use this multiple stochastics.
Looking to the lower time frames I see a possible change of direction but based on my Daily analysis I think this will be just a correction before the next rise.
Based on previous structure, support and resistance. I see two very probable place of support where I can enter long for an ABCD pattern.
For both possibilities I have the same target.
Looking to the lower time frames I see a possible change of direction but based on my Daily analysis I think this will be just a correction before the next rise.
Based on previous structure, support and resistance. I see two very probable place of support where I can enter long for an ABCD pattern.
For both possibilities I have the same target.
Comment:
On H4 possible trading if price does not break below the trend line (support)
Comment:
First the price perfectly hit point B. Then started to drop and we're almost on point C. If the price can find support like shown on H4 this could be the entry point to go long. Although, the indicators will tell if this is confirmed. There are on the Weekly and Monthly charts indications based on the indicators and the trend and support/resistance line's that there's weakness (probably) until the end of the year. Ofcourse this is based on what I see at this moment, this can change. Thus my first scenario I will look for is a long position. But if the price drops below the trend line on H4, the trade will be invalid until I get more details. I will also try to anticipate a possible drop below the trend line and a fast return above it. This can happen on news. Also I would be surprised to see the price break above the triangle which is actually forming. If I open a long trade, I will use trailing stops and also exit on indicator signs.
Comment:
My intermediate key support (purple dotted) worked out fine. There's still no indication on my indicators though. I think I will wait until friday (red dotted vertical)
Comment:
Dropping exactly on the place where I've put the vertical dotted red line.
