Monthly TimeFrame : price is in a uptrend allowing me to draw out a trendline
Weekly Time Frame : price has been consolidating for 3 weeks allowing me to use the rectangle tool
Daily timeframe : Price is boncing off the bottom of rectangle which is acting like support showing that its on its way back to resistance line
Other notes : where price is bouncing off of and consolidating matches perfectly with the monthly trendline showing a push forward i also noticed on the daily timeframe although i didnt draw it out is a inverted head and shoulder which is where i marked my take profit for on this trade . My entry will be on the 15 min timeframe once resistance level is broken.
Weekly Time Frame : price has been consolidating for 3 weeks allowing me to use the rectangle tool
Daily timeframe : Price is boncing off the bottom of rectangle which is acting like support showing that its on its way back to resistance line
Other notes : where price is bouncing off of and consolidating matches perfectly with the monthly trendline showing a push forward i also noticed on the daily timeframe although i didnt draw it out is a inverted head and shoulder which is where i marked my take profit for on this trade . My entry will be on the 15 min timeframe once resistance level is broken.
