The down trend on the 4H chart has been broken.
Now I am looking to see a bounce off of the weekly support
level as confirmation. If this happens, I can look for long positions to
meet the Daily down trend line .
If the daily DT line is touched, I will wait. If price breaks through
the DT line, I will wait for it to bounce off of it for a long
confirmation. If I get this confirmation, a bullish cross over of the
18 MA and 8 EMA, which will be an additional confirmation, and
I can look for a long position. In this long position, I will be targeting
the Day chart resistance line.
Current thoughts (1/18, 11am candle):
I am looking to see if price breaks the random line,
If it bounces off bullish trend line, or if it bounces off
support.
Why not enter long?
We are not sure if price will return to weekly support or continue a potential forming bullish trend.
Now I am looking to see a bounce off of the weekly support
level as confirmation. If this happens, I can look for long positions to
meet the Daily down trend line .
If the daily DT line is touched, I will wait. If price breaks through
the DT line, I will wait for it to bounce off of it for a long
confirmation. If I get this confirmation, a bullish cross over of the
18 MA and 8 EMA, which will be an additional confirmation, and
I can look for a long position. In this long position, I will be targeting
the Day chart resistance line.
Current thoughts (1/18, 11am candle):
I am looking to see if price breaks the random line,
If it bounces off bullish trend line, or if it bounces off
support.
Why not enter long?
We are not sure if price will return to weekly support or continue a potential forming bullish trend.