Oh man, what a chart to dig into.
(Read the fundamental analysis for this one—I don’t look into company financials or earnings. I’m also not following the news, so that’s on you. I’ve seen too many setups fail because of some unexpected headline or a random tweet on a f***ing Monday from the orange man.)
Why am I looking at this setup?
We’re sitting right at the 0.618 fib in a bullish trend. That lines up with the POC of a B-shaped volume profile, right at a support level. On top of that, liquidity under the trendline on the left has already been swept, and price is way overstretched from VWAP. So even if this isn’t a full reversal, we should at least get a pullback back toward the VWAP midline.
entries at 301
283
264
SL at 236
TP 50% at 492, and let the rest rides
There’s a lot going on here:
Trend direction is still up. As long as we don’t get a close below 187, this is just a pullback.
VWAP is miles away from the current price. Price doesn’t stay that far from it forever—it either pulls back or consolidates before heading higher.
Fibs and TLs: There’s a major trendline (marked as Area 2) that hasn’t been touched for the third time yet. That same zone lines up with the 0.78 fib. Price hasn’t reached it yet—might not—but that’s still a spot I’d seriously consider for a long.
POC zone: The marked long area is right on the POC of a B-profile. It’s a key level and should act as support. That’s a solid place to look for a bounce.
I’ve marked out the setup and three possible entries. These are the spots I’d look to long from. If they all fail, then Area 2 is the backup—it should hold.
One more thing: there’s a red line in the middle of the chart. If you want more confirmation, wait for price to close above it, then catch the retrace. That gives you more confidence in the setup.
Do your own analysis and keep an eye on the news.
TA only works if it lines up with the fundamentals. If not, it’s useless.
(Read the fundamental analysis for this one—I don’t look into company financials or earnings. I’m also not following the news, so that’s on you. I’ve seen too many setups fail because of some unexpected headline or a random tweet on a f***ing Monday from the orange man.)
Why am I looking at this setup?
We’re sitting right at the 0.618 fib in a bullish trend. That lines up with the POC of a B-shaped volume profile, right at a support level. On top of that, liquidity under the trendline on the left has already been swept, and price is way overstretched from VWAP. So even if this isn’t a full reversal, we should at least get a pullback back toward the VWAP midline.
entries at 301
283
264
SL at 236
TP 50% at 492, and let the rest rides
There’s a lot going on here:
Trend direction is still up. As long as we don’t get a close below 187, this is just a pullback.
VWAP is miles away from the current price. Price doesn’t stay that far from it forever—it either pulls back or consolidates before heading higher.
Fibs and TLs: There’s a major trendline (marked as Area 2) that hasn’t been touched for the third time yet. That same zone lines up with the 0.78 fib. Price hasn’t reached it yet—might not—but that’s still a spot I’d seriously consider for a long.
POC zone: The marked long area is right on the POC of a B-profile. It’s a key level and should act as support. That’s a solid place to look for a bounce.
I’ve marked out the setup and three possible entries. These are the spots I’d look to long from. If they all fail, then Area 2 is the backup—it should hold.
One more thing: there’s a red line in the middle of the chart. If you want more confirmation, wait for price to close above it, then catch the retrace. That gives you more confidence in the setup.
Do your own analysis and keep an eye on the news.
TA only works if it lines up with the fundamentals. If not, it’s useless.
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.