QQQ - Looks like a break of the range established since Jul 2020
Looking at this chart on the advice of my fellow TradingView member skktrader.
Very simple look at the price action since July. I've started using Heiken Ashi charts more and more as they average out price action and just show you, roughly speaking, whether the market was in control of the bulls or bears for a specific period.
Very good for looking at the overall, bigger picture and to see if the "trend is your friend" (not so useful for taking a detailed look at candlesticks, patterns etc.) And they're just literally easier on my poor eyes :D
This has been ranging since July and has just cleared the range. I'm interested to see what happens when this resistance is re-tested as support. Look back at the price action from 10 - 31 July, for a previous resistance to support flip. As you can see at least 2 proper re-tests were needed before the level was confirmed and we started moving up again.
I'm expecting similar price action. If this level is successfully tested as support it might be a good entry. RSI suggests buying momentum may be cooling down, which is consistent with a test of this level.
Very simple look at the price action since July. I've started using Heiken Ashi charts more and more as they average out price action and just show you, roughly speaking, whether the market was in control of the bulls or bears for a specific period.
Very good for looking at the overall, bigger picture and to see if the "trend is your friend" (not so useful for taking a detailed look at candlesticks, patterns etc.) And they're just literally easier on my poor eyes :D
This has been ranging since July and has just cleared the range. I'm interested to see what happens when this resistance is re-tested as support. Look back at the price action from 10 - 31 July, for a previous resistance to support flip. As you can see at least 2 proper re-tests were needed before the level was confirmed and we started moving up again.
I'm expecting similar price action. If this level is successfully tested as support it might be a good entry. RSI suggests buying momentum may be cooling down, which is consistent with a test of this level.
Comment:
Not a decisive reclaim of that level - trying again
