Having seen a long downwards trend, are seeing the start of a reversal; the start or a bullish trend?
Well, having used several indicators I would argue we are seeing signs the current trend is beginning to tire. The Squeeze indicators certainly indicates this, as does the MACD and Weis Wave Volume indicators. Both showing positive growth. In regards to candlestick analysis. The is a little resistance to the confirming bullish candle which proceeds the engulfing candlestick. However the indicators which I have already mentioned show this could well be the start of a bullish trend.
Well, having used several indicators I would argue we are seeing signs the current trend is beginning to tire. The Squeeze indicators certainly indicates this, as does the MACD and Weis Wave Volume indicators. Both showing positive growth. In regards to candlestick analysis. The is a little resistance to the confirming bullish candle which proceeds the engulfing candlestick. However the indicators which I have already mentioned show this could well be the start of a bullish trend.
Note
I forgot to mention, I've been using HH, and HL to help identify the trend pattern. currently the trend appears to be in state of consolidation. Before waiting to decide whether a trade is suitable. I will see whether the trade anchor is reached. As this will be a long trade. The anchor will be the previous HH. If this is reached. Then I have confirmation. I have a new trend.
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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.