Welcome to my second analysis using the trend angle tool within an ascending channel. This strategy intrigues me as I trade largely dependent on patterns and price action.
Presented is a 1 hr chart with an inner bottom support that serves as an early pivot with the main bottom support beneath. Furthermore our top channel resistance correlates with the ascending pattern. Notably trend angle ascend off channel support is trending at a 52 degree angle.
Naturally I calculated a 532 angle ascend from the recent pivot in play. Our first take profit is at our previous high with second take profit breaching through Top/Bottom straight channel resistance to retest our ascending channel resistance.
Our MACD and RSI are confirming our current ascend. MACD/SIGNAL crossed along support to trek towards 0 line. Our RSI is trading at an indicator angle of 52 degrees matching our chart angle trend.
Please comment with thoughts and ideas. Thank you.
Presented is a 1 hr chart with an inner bottom support that serves as an early pivot with the main bottom support beneath. Furthermore our top channel resistance correlates with the ascending pattern. Notably trend angle ascend off channel support is trending at a 52 degree angle.
Naturally I calculated a 532 angle ascend from the recent pivot in play. Our first take profit is at our previous high with second take profit breaching through Top/Bottom straight channel resistance to retest our ascending channel resistance.
Our MACD and RSI are confirming our current ascend. MACD/SIGNAL crossed along support to trek towards 0 line. Our RSI is trading at an indicator angle of 52 degrees matching our chart angle trend.
Please comment with thoughts and ideas. Thank you.
