12hr.
Also works zoomed in on all lower TF's and HTF's.
Shows a lead up in a bullish market structure into what could possibly be a flag, pennant formation. If this is the case, it would be ready to break in the same direction as the lead up and be bullish.
This is not for certain although I thought it relevant to post as I had firstly spotted it on the 1hr chart when I zoomed out, then confirmed on other time frames and looks like a bull flag.
Feel free to correct me if I am wrong. We seem to have tested the top more than 3 times, with each pull back smaller than the previous (1hr zoom). The more we test the top, the less likely we are to break it, although the pull back getting weaker indicates the bearish streangth is weakening and we could be in for another test and possible break to the upside.
Also works zoomed in on all lower TF's and HTF's.
Shows a lead up in a bullish market structure into what could possibly be a flag, pennant formation. If this is the case, it would be ready to break in the same direction as the lead up and be bullish.
This is not for certain although I thought it relevant to post as I had firstly spotted it on the 1hr chart when I zoomed out, then confirmed on other time frames and looks like a bull flag.
Feel free to correct me if I am wrong. We seem to have tested the top more than 3 times, with each pull back smaller than the previous (1hr zoom). The more we test the top, the less likely we are to break it, although the pull back getting weaker indicates the bearish streangth is weakening and we could be in for another test and possible break to the upside.
The BBs are trading over the upper band which means the market price is high, though these indicators are basically mathematical equations and need to be interpreted by the individual. On the LTF's, the bands are equally apart with the middle line as a standard TF MA although can be manipulated to EMA's depending on what you think works better. I find the HTF's hold more significance than the lower based on TA, unless you are scalping smaller time frames.
BBs in particular move with the price so are more reliable on upper TF's. The same applies to the TD sequential, which used in combination with Heikan ishi candles are a very powerful combined indication in themself=ves. Add the MACD to these and the indication of a market reversal or trend continuation, should not be ignored IMO.
On this chart I have drawn the formation as a flag, symetrical* triangle although I do think it is more of a pennant and could break either way...furtermore, I do think a slight drop in price will be coming within the next few days. We have tested the long resistance line I have charted before, more than 3 times. If we test a resistance 1 or 2 times we should expect a break on the 3rd, if we test either S/R more than 3 times you need to take into account the strength of the bulls and bears, or market sentiment, in order to come to your own conclusions.
I recently got a new folloewr, as I am currently having issues with other people on other platforms, I would request this follower to unfollow me. Thanks.