VLX - Top-Down Analysis!

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

VLX is sitting around a strong demand zone in green so we will be looking for buy setups.

DAILY: Left Chart
VLX formed a valid wedge pattern in blue but it is not ready to go yet.

Short-Term Trigger: Waiting for a momentum candle close above the last high to buy.

H4: Right Chart
Long-Term Trigger: Waiting for a momentum candle close above the upper gray zone for the bulls to take over from a long-term perspective.

The upper gray area is the inverse head and shoulders neckline which we can see better from H4

Meanwhile, until the buy is activated, VLX can still trade lower inside the green zone.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich