Channel possibilities.
Currently there is resistance at the descending channel's top (will this prove to be the descending channel going forward?).
If not, we can expect the current ascending channel to become less steep or to maintain an upward trajectory in the steeper ascending channel.
A bit of a bull flag (high and tight) the last four bar before today's. The current daily bar is in the top half of the flag range and the positioning would indicate we break upward (perhaps keep the steep ascending channel...only to be confirmed after retesting if you want to safe-ishly place a monitored long trade). Confirmation of this might take several days upon trendline break since it's the daily channel.
Hope this provided some possible insights.
Currently there is resistance at the descending channel's top (will this prove to be the descending channel going forward?).
If not, we can expect the current ascending channel to become less steep or to maintain an upward trajectory in the steeper ascending channel.
A bit of a bull flag (high and tight) the last four bar before today's. The current daily bar is in the top half of the flag range and the positioning would indicate we break upward (perhaps keep the steep ascending channel...only to be confirmed after retesting if you want to safe-ishly place a monitored long trade). Confirmation of this might take several days upon trendline break since it's the daily channel.
Hope this provided some possible insights.
Comment:
Closed the daily in the much steeper ascending channel and hence are in breakout mode.
If we retest the prior T/L on the daily, then I will be less defensively long.
If we retest the prior T/L on the daily, then I will be less defensively long.
Descending Channel broke out to the upside.
This is daily TF, so if I were to be safe I'd enter long only after close past trend line and good follow-through PA, especially a retest of the channel (maybe even on the H4).