PA reversed from convergence line of resistance
Potentially forming an inverted HnS
Went back down to previous monthly pivot (on this chart you can only see the weekly)
At the moment the blue rectangle is were most of my targets converge
That would work well for a reversal toward my upside targets mentioned in previous idea
If PA doesn't reverse there
The next buy area is the blue triangle
Formed by historical Tl, fib 0.236 and S1
Potentially forming an inverted HnS
Went back down to previous monthly pivot (on this chart you can only see the weekly)
At the moment the blue rectangle is were most of my targets converge
That would work well for a reversal toward my upside targets mentioned in previous idea
If PA doesn't reverse there
The next buy area is the blue triangle
Formed by historical Tl, fib 0.236 and S1
Comment:
still have some more downside target
but first one almost met, in orange
could reverse/correct from here
but first one almost met, in orange
could reverse/correct from here
-Waiting for the first black arrow to enter a long position
-Then holding to the top with a tight take profit or trailing stop
-Or scalping by buying/selling top/bottom of diagonal and trend channel
All those strategies seems like a dangerous game at the moment
Every other black arrow show a point were a stop loss would be hit
First on the break out of the LD
Then on the extended wave up
Last on the break of the rising channel
Even if the top was called perfectly those are 3 SL that would have been trigger
And about 5 or 6 if a counter trend position was entered
Also those long corrective candle (more than fib 0.5) with high volume take out any profit from any position entered past the first black arrow.
Then comes a slower move down that shakes the remaining holder. Making scalping/swing trades and breakout trading very very risky.