Hello everyone, if you like the idea, do not forget to support with a like and follow.
HOT is sitting around a strong weekly demand zone in green so we will be looking for buy setups.
Before we buy, we want the buyers to prove that they are taking over again. You don't want to buy a bearish market right?
on H4: HOT is forming a channel in blue but our upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, HOT would be overall bearish can still trade lower.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
solid setups. It has been trading in this channel for some time now. and the weekly demand zone being so close to current levels gives a higher likelihood of the up move.