Hello Traders,
Something really interesting happened this morning!
A "Morning Star" occurred, and it was "created" by the candles from Friday the 24th to Tuesday the 28th!
A morning star is made up of three candles. The first day could be bearish, the second day is lower than the previous day and ideally it is a bearish day as well. The next day needs a gap to the upside, followed by a bullish day!
This is exactly what happened during this period.
So a buy signal is given when the closing price is above the previous day's level, here at 23138. The stop loss is placed at the bottom of the star; in this case @22786.90!
But I think one or two lower lows are needed to complete the wave structure. We shall see.
Once again! There is no need to rush because there is no bullish sign or divergence.
Another argument is that the price hasn't left the Bollinger Bands on the downside, which is always a good indication of an "oversold" situation!
OK, if a "wash out" occurs in the next day or two, I will be ready for a trade. But! Not yet!
Have a great week.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
Something really interesting happened this morning!
A "Morning Star" occurred, and it was "created" by the candles from Friday the 24th to Tuesday the 28th!
A morning star is made up of three candles. The first day could be bearish, the second day is lower than the previous day and ideally it is a bearish day as well. The next day needs a gap to the upside, followed by a bullish day!
This is exactly what happened during this period.
So a buy signal is given when the closing price is above the previous day's level, here at 23138. The stop loss is placed at the bottom of the star; in this case @22786.90!
But I think one or two lower lows are needed to complete the wave structure. We shall see.
Once again! There is no need to rush because there is no bullish sign or divergence.
Another argument is that the price hasn't left the Bollinger Bands on the downside, which is always a good indication of an "oversold" situation!
OK, if a "wash out" occurs in the next day or two, I will be ready for a trade. But! Not yet!
Have a great week.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
Trade active
Hello, there will probably be no updates for the next 3 weeks!I am recovering from a stroke and need to rest.
Thank you for your understanding.
Ruebennnase
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.