method: al brooks price action seeing a rising wedge and considering a trading range after every channel in this method the possible scenario is falling down yo the channel starting point - spike ending - spike beginning the first scenario is having supports on channel beginning price
When you see consecutive bear bars forming, that is a sign of bear trend strength. it happened twice, the velocity of this bear leg today is much stronger in relation to the previous bull channel up. This means the dollar, for whatever reason (I'm no fundamental analyst) is being bought and is become very strong. Therefore, since we are in a strong bear close this...
Pivot Point Case: I have Daily Pivot Points, Fibonacci Style. Watching 30M, 1H, and 5M Charts. This would be for a scalp. TP would be around Pivot Point ("P" Line) or lower if trend strong enough. I just am observing a bear signal around R1, and as far as i can understand, trading Pivot Points properly requires being able to read how bars react around those...
The basic premise of Major Trend Reversals, From Al Brooks Video Series. I will be trading this way for a while.