CURRENTLY IN COSOLIDATION. WILL MOST LIKELY BOUNCE OF RESISTANCE. IF IT DOESNT I WILL WAIT FOR THE BREAKOUT BUT THE DIVERGENCE ON THE RSI SAYS OTHERWISE.
PRICE HAS REACHED SOME SORT OF SUPPORT FROM PREVIOUS HISTORY.
RSI SHOWS DIVERGENCE TO THE UPSIDE. WILL WAIT A COUPLE MORE HOURS AND CHECK THE 15 MIN TIME FRAME FOR A MORE ACCURATE ENTRY.
DAILY: WAS ON A DT BUT MARKET BROKE TO THE UPSIDE CREATING AN UT.
4 HR: SHOWS AND UPTREND.
1 HR: BOUNCING OFF SUPPORT LINE. I CAN SEE ON THE RSI THERES DIVERGENCE WITH A POSSIBILITY OF A STONG UPWARD PUSH.
I ALSO PLACED MY FIB AND THERES A STRONG CHANCE IT WILL HIT THE 50% AND BOUNCE UP.
IT PREDICT IT WILL ALSO CREATE H&S BUT DOESNT MAKE SENSE IF ITS IN AN...
DAILY: PENNANT TRIANGLE. CONSOLIDATION
(WAIT FOR RESITANCE BREAK. I PREDICT IT WILL BREAK TO THE UPSIDE. WE SHALL SEE WHAT HAPPENS.
4 HR: DOWNTRENT CHANNEL.
1 HR: SAME AS 4 HR. CREATED LL AND AT SOME POINT CREATED HL AND H.
NO DIVERGENCE,
21/8 VERY CLOSE TOGETHER.
PP SOMEWHAT WORKING AS SUPPORT. MY PREDICTION IT WILL HIT SUPPORT AND THE 50% ON THE FIB. BOUNCE UP...
DAILT: DT
4 HR: DT
1 HR: ABOUT TO BREAK RESISTANCE,
MIGHT CREAT UP TREND.
WAIT FOR THE RESTEST AND ENTER. ALSO LOOK AT THE DOUBLE BOTTOM.
ALSO THE 8 CROSSED THE 21 FOR A BUY.
STRONG RESISTANCE ON THE PP.
NO DIVERGENCE. SIGNS OFF A STRONG MARKET.
ALSO LOOK AT THE FIB 38%. SOLID!
REASONS I ENTERED THIS TRADE
1. DOWNTREND IS FINISHING HITTING STRONG SUPPORT AT THE 61.8% ON THE FIB
2. STRONG RESISTANCE FROM 4 HOUR AND 1 HOUR TF
3. STRONG REJECTION FROM S1 ON PP
4. DESCENDING TRIANGLE (USUALLY BREAKS RESISTANCE AND KEEPS GOING THRU UNTIL HITTING THE STRONG RESISTANCE ZONE FROM DECEMBER 19TH TO YTD.
5. STRONG SUPPORT FROM JULY 2019 IN THE RED ZONE
