See red circled MACD flipping. I like to watch when the MACD indicates it's about to transition from green to red or from red to green, at different time scales to see what I can learn.
I see that after the price hits an upper trend line as it did the last couple of days, as the daily MACD begins to flip to red, and especially if it's at the start of the week, then this to me is an indicator that the week will be bearish.
We see currently that the body of the current daily candle is lower now than the lowest point of the body of Friday's candle. This to me means: whatever happened on the weekend is about to be reversed. If the price went up on the weekend, then this week the price is going down.
During the day, I will look at 5m, 1h, and 4h candles and MACD to support the daily. Looks bearish folks, as clearly there is a convergence of sentiment at multiple time scales.
I saw earlier today, a tradingview analysis where the guy showed the price enter the falling wedge and then he drew some arrows pointing up and concluded it's going up. What the. You need to show MANY MANY different convergences and divergences of many patterns before making such a bold statement. Then at the time he had 5 people liking his idea. YOU CAN'T LIKE SOMETHING BECAUSE SOMEONE IS SAYING WHAT YOU WANT TO HEAR!!!! This is called an echo chamber - you are just hearing your own voice. You like analysis if it teaches you something, especially if it says the opposite of what you want to hear.
Always use analysis to prove yourself wrong, not to affirm that you're right.
I also love looking at hourly candles, and see what they have to say. Look at all the strong red hourly candles today (and volume) and you tell me whether you think this is a bullish start of the week? More importantly, is it impulsive or corrective? Compare with Saturday and Sunday hourly candles: a hodge-podge of red and green candles going back and forth - to me this is very typical of a corrective wave. So if the corrective wave is going up, and today the impulsive wave is going down - then have we finished Wave 4 correction or not? Answer: No. We are, as far as I can tell on subwave C of Wave 4 going down. Especially since we broke the H+S neckline (white line) 2 weeks ago.
So I have been trying to prove myself wrong again and again, but I can't so far. The price and volume keep affirming my analysis. H+S neckline broken (85% reliable), impulsive downward waves. Elliott wave mappings. Long-term trend lines. Nothing indicates we have finished Wave 4.
I see that after the price hits an upper trend line as it did the last couple of days, as the daily MACD begins to flip to red, and especially if it's at the start of the week, then this to me is an indicator that the week will be bearish.
We see currently that the body of the current daily candle is lower now than the lowest point of the body of Friday's candle. This to me means: whatever happened on the weekend is about to be reversed. If the price went up on the weekend, then this week the price is going down.
During the day, I will look at 5m, 1h, and 4h candles and MACD to support the daily. Looks bearish folks, as clearly there is a convergence of sentiment at multiple time scales.
I saw earlier today, a tradingview analysis where the guy showed the price enter the falling wedge and then he drew some arrows pointing up and concluded it's going up. What the. You need to show MANY MANY different convergences and divergences of many patterns before making such a bold statement. Then at the time he had 5 people liking his idea. YOU CAN'T LIKE SOMETHING BECAUSE SOMEONE IS SAYING WHAT YOU WANT TO HEAR!!!! This is called an echo chamber - you are just hearing your own voice. You like analysis if it teaches you something, especially if it says the opposite of what you want to hear.
Always use analysis to prove yourself wrong, not to affirm that you're right.
I also love looking at hourly candles, and see what they have to say. Look at all the strong red hourly candles today (and volume) and you tell me whether you think this is a bullish start of the week? More importantly, is it impulsive or corrective? Compare with Saturday and Sunday hourly candles: a hodge-podge of red and green candles going back and forth - to me this is very typical of a corrective wave. So if the corrective wave is going up, and today the impulsive wave is going down - then have we finished Wave 4 correction or not? Answer: No. We are, as far as I can tell on subwave C of Wave 4 going down. Especially since we broke the H+S neckline (white line) 2 weeks ago.
So I have been trying to prove myself wrong again and again, but I can't so far. The price and volume keep affirming my analysis. H+S neckline broken (85% reliable), impulsive downward waves. Elliott wave mappings. Long-term trend lines. Nothing indicates we have finished Wave 4.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.