I'M EXPECTING A BEARISH RETRACEMENT BEFORE THE OVERALL BULLISH MOVE
** READ CONFLUENCES BELOW & ENCOURAGE ME BY LIKING THIS IDEA, THANKS **
1. ON THE MONTHLY TF, THE LAST CANDLE JUST CLOSED INDECISIVELY, SIGNALING A BULLISH CONTINUATION IN FAVOR OF THE OCTOBER CANDLE
2. COMING DOWN TO THE WEEKLY TF, WE CAN SEE CLEARLY THAT THE MARKET HAS BROKEN A SEVEN MONTHS DESCENDING TRENDLINE, SHIFTING OUR BIAS FROM A SELLING MARKET TO A BUYING ONE
3. ON THE DAILY, THE MARKET HAS STARTED FORMING A RETRACEMENT AS EXPECTED, I'D WAIT FOR PRICE TO GET TO MY DEMAND ZONE, WHICH IS ALSO A 61.8 FIB LEVEL, THEN I'LL MONITOR PRICE ACTION FROM THERE AND ENTER A BUY POSITION IF ONLY MY ANALYSIS ARE RESPECTED
** READ CONFLUENCES BELOW & ENCOURAGE ME BY LIKING THIS IDEA, THANKS **
1. ON THE MONTHLY TF, THE LAST CANDLE JUST CLOSED INDECISIVELY, SIGNALING A BULLISH CONTINUATION IN FAVOR OF THE OCTOBER CANDLE
2. COMING DOWN TO THE WEEKLY TF, WE CAN SEE CLEARLY THAT THE MARKET HAS BROKEN A SEVEN MONTHS DESCENDING TRENDLINE, SHIFTING OUR BIAS FROM A SELLING MARKET TO A BUYING ONE
3. ON THE DAILY, THE MARKET HAS STARTED FORMING A RETRACEMENT AS EXPECTED, I'D WAIT FOR PRICE TO GET TO MY DEMAND ZONE, WHICH IS ALSO A 61.8 FIB LEVEL, THEN I'LL MONITOR PRICE ACTION FROM THERE AND ENTER A BUY POSITION IF ONLY MY ANALYSIS ARE RESPECTED
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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.