I put in the arc options for the breakdown of the sharp suggested fallout arc earlier this week as we have now arrived at this price point in time. It's designed on the 15 min, although I want to follow the development of the new arc pattern off the 3 hour chart history. Long or Short...this chart can help provide a piece of the puzzle of decisions.
A broader view point of the pattern in play. This pattern can be used to help guide your trade also, being Long or Short. I'm short from the previous loop little past mid ways and was expecting 70% chance it could bounce this high, and a 30% chance it didn't bounce much at all. Price will do what it wants.
Follow which lines....run the chart .... later after price moves
NOTE: Look at the Daily Candle stick pattern... This morning I lined out the drop stop area 7400's.... seems like it is slowly arcing out of it's upwards angles and might follow the red lines indicating a down trend. Overall the bigger day picture, price movement is still well within my set range for a downtrend since the recent high that formed the "Bearish One...
This will be used so everyone can watch the progress of this formation either...... Breakdown or Hold true to the pattern. I'm going to use it for a guide for the next few days.
IMO - A very suggestive drawing of H & S ... That's what I see and expect price to follow this general pattern. If not, I'll have to consider optional strategies. Obviously this is days out on a 15 min chart, but a trader should have an idea of what to generally see and adjust if it's not happening. Rather your bull looking at a cup and handle to form up or a...
Red dots and green dots are new and are my concern. I see difficulty pressing into and over the 7944 line. I have orders placed for action. It can be played both ways of course. Not seeing a strong signal until the indicators get closer to those dotted lines, and the downside is growing, while price is waiting for the indicators to catch up.
IMO ~ Looks like there's still a strong push upwards, I will hold out for a better position for a trade, most likely what's on my mind for now. There is a lot of triangles going on here, from me and a hundred other people. Some with the price going down, up, and even breaking out of the triangles. I've seen too many variations of this area. I'm looking for a...
Soon retiring # dRAFT , get the chart cleaner looking over time. No trades for me now, seems in the middle of trade area.
My view of it. Seems to be in a rebound / bounce stage towards the top channel trend resistance line 7800's.
Those %'s are for you to agree with or not. Price will go where it wants, we all need data to make decisions. I'll just keep placing "percentage" numbers on the chart, take a look back at the saved data. I try my best to make a buck or two also ;) Charts are obviously bias weighted, and can provide a visual means which can be misleading.
Mapped out new area, see what happens. Patience ....... A low and another low might form in the next 3 - 8 hours, I'll consider a long position possibly at that time. A long dotted red downtrend line on the indicators shows the determined path.
If I was in a trade, I would be expecting price to move with the blue arrows. If they didn't I would be looking at indicators more closely to guide my decision. I favor price pushing against the 7550 level again to a newer high point @ 75%
See what happens in the morning. I am @ 70% expect price to drive higher as long as the indicators stop diving, price is not moving as far, still means a 30% on a new recent low.
Working with the new layout. Seems promising for the time being. Interpretation is another learning curve. RAFT = Resistance Analysed with Flow Trends. Basically I'm using this to see the bigger picture of short term possibilities, determining risk management before and during my active trade. This could help determine entry points ,exits or stop out areas of our...
Getting the new layout up and running, and a clean work area. I might need to tune up some short term 'red dashed' lines on there.
Run it...... later ...... see if it works out.
See what happens with the small drop, no trade on this for me.... and above pictured the "Bow Tie Pattern:??