I am still learning the terms but I think I understand the patterns, this looks like the market is currently stagnant in the middle of consolidation. Before this it was in a downtrend and I do not think it is going to keep going down. I am trying to capture 20 pips only and looking for the best entry, where to place stop loss and where to place take profit. I believe I would be buying, I think the market will turn bullish. Am i way off or does that make any sense? I have circled points of resistance and support, drawn out the few uptrend lines I could see, and all of the downtrend lines. I used parallel channels to shoe support and resistance zones. Price Ceiling and floor are also marked on here. Thanks
Great work, you getting hang with it.
On 1H I spot triple bottom pattern towards that key-support, not a solid confluence .. but if it break that resistance, and retest ... I'm looking for a long position.
Basically buy at pull-back.
allreadyallright
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@jamemadisonn, Alright thanks! 1H means set the chart to 1 hour right(still a newbie)? But basically you are saying chill for now and once it breaks the resistance I have marked with the 3rd yellow circle, then jump on and ride the anticipated uptrend? I think I understand what you are saying. Thanks again for the pointers.
jamemadisonn
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@allreadyallright, You are very welcome. Yes exactly, you understand it perfectly.
But that's just my point of view .. If I looked it again, With that 50EMA dynamic support on 4H .. It looks like a "Falling Flag" tho 🤔
Well hey, I'm still learning too 😁👌🏼
On 1H I spot triple bottom pattern towards that key-support, not a solid confluence .. but if it break that resistance, and retest ... I'm looking for a long position.
Basically buy at pull-back.