W pattern forming on 4H
this chart has some of my favorite indictors ICHIMOKU, RSI & MACZ
here is an example of i how combine them to provide some insight on price action.
the larger the time from the more accurate and powerful.
i use 4h as my baseline
these are free indy's on TV.
i see a cup and handle on the 4h how about you?
two ways to play this one.
1) break and close above neck line
2) break of neck line with retest of neckline as support <~ best practice
confirmations are important.
possible W pattern (double bottom) on 1h. wait for break with volume , retest of neck acting as support and then bounce off neckline with above average volume and LONG once we go above the breakout high.
gamblers go LONG now
W pattern breakout . wait for confirmation signal.. volume supported break of neck line then volume supported retest and bounce off neckline as support + price going above the breakout level.
signals are important
gamblers can go long now! set stop losses
side by side here. 1h and 4h.
for the risk oriented . possible double bottom can lead to huge W pattern breakout to 62K!!
on the 4h we are in an ascending broadening wedge breaks bearish 52% of the time as per thepatternsite.com
learn more at thepatternsite.com