Here's my new idea titled, "Here's WHY a DIP and NOT a DUMP Before Upward Pressure Resumes."
So, if you are already in profits on a margin trade, you may wish to consider a TRAILING STOP setup to keep you in profit if you were to get stopped out. Also have alarms in place to alert you to open a margin long at a lower price if such a move were to occur.
A look at the Weekly "without" indicators:
A look at the Weekly "with" indicators:
Here's the 2h:
We still have a sign of upward pressure dominating in the 3-Day, 4-Day, 5-Day, 6-Day and soon the indicators in the Weekly Time Frame may begin to confirm a chance of continued upward pressure for weeks to come. This will be covered in a video publication likely later this evening. It's currently 3:50pm Central Time in the U.S. (my time).
I will leave you with a multi-chart including the 3h, 6h, 12h and 24h: Note the Bollinger Band Basis (BB:Basis) and Bollinger Band Lower (BB:Lower) with their current respective price levels in each time frame. Also note the White Dotted 200-EMA in each time frame with its respective price point in the price value column to the right of each chart in this multi-chart window. I'm of the opinion the 200-EMA in the 24h TF may likely be our border of strong support. However, the White Dotted 200-EMA in the 12h TF appears to be a more likely level of strong support due to the price action previously going sideways at that price level in recent history.
Is there a chance of a big dip down to the BB:Lower of either of the time frames shown in a similar fashion to the way we had a sudden drop on May 16 & 17, 2019? Sure, it's POSSIBLE. Yet, one must realize, we have a signal of strong upward pressure in the higher time frames in a very similar way we had signal of strong upward pressure in the higher time frames during the sudden drop on May 16 & 17, 2019. It is BECAUSE of that strong upward pressure shown in the higher time frames that we also had a SUDDEN/QUICK RECOVERY in the price action back up to previous price levels to reflect what was signaled within the indicators in the higher time frames during May of 2019. So, if we were to see a sudden drop occur in the near term, I believe we would also see a sudden/quick recovery back to current price levels.
Must we have a sudden drop? NO... Is there any way of knowing in advance a sudden drop is about to occur here? NO... All we know currently is we are still experiencing downward pressure for the near term while upward pressure still dominates for the mid to long term time frames.
Here's the 3h, 6h, 12h & 24h Time Frames in one multi-chart window:
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Thanks for sharing your thoughts here, Bud... ; )
Yes, most certainly agree, Goldhead!
Stay Awesome, Sir!
Which path are you leaning towards? The Green, the Blue or the Magenta?
Thanks for providing your opinion, Waterslide.
I'm not familiar with Joe007.
You may be right...