I would normally go long after spotting a square, but I'm waiting for an ABCD pattern like last time, and maybe a lower low. I could be wrong waiting for an ABCD . So I though I would publish anyway. Two hour chart.
Comment:
On the 2 hour chart the Stoch RSI is not matching the previous pattern as expected so I'm going to give up on this ABCD idea. My idea on the four hour chart still looks interesting but the shape of the developing Bollinger lines are also deviating from the previous pattern and that's currently my only worry there.
Comment:
JUST AN UPDATE POSTED ON LATER UPDATES IN CASE YOU ISSED THEM -
10 hours ago - Comment: Looking at my 2 hour chart with the market at $8,758.7 I could go long with a stop loss at $8,560. but signal not yet confirmed just a hunch.
Just now - Comment: The idea on the 4 hour chart has closed out at $9,700. My usual way of studying MACD looking for a crossover down followed by a first trough in the bars which remains the lowest trough before the next crossover back up as a signal to track, looks still good. That's what I saw developing this morning on the 2 hour chart.
10 hours ago - Comment: Looking at my 2 hour chart with the market at $8,758.7 I could go long with a stop loss at $8,560. but signal not yet confirmed just a hunch.
Just now - Comment: The idea on the 4 hour chart has closed out at $9,700. My usual way of studying MACD looking for a crossover down followed by a first trough in the bars which remains the lowest trough before the next crossover back up as a signal to track, looks still good. That's what I saw developing this morning on the 2 hour chart.
Comment:
Comment: Just an update on my most recent published idea.
Signal on 2 hour but sticking to short - Here's why. Interesting signals on 2 hour chart. Would normally have me thinking to buy, however, although the lowest trough in the bars of MACD remained the lowest trough before crossover the corresponding candlestick above which made a low of $9,047 was later beaten by a candlestick bar with a lower low of $9,045 before the MACD crossover. Therefore I'm not buying into this signal and still thinking of another short leg down coming up. Bollinger bars $9,442 and $8,838 could now need a break by a candle stick for any move up or down.
Signal on 2 hour but sticking to short - Here's why. Interesting signals on 2 hour chart. Would normally have me thinking to buy, however, although the lowest trough in the bars of MACD remained the lowest trough before crossover the corresponding candlestick above which made a low of $9,047 was later beaten by a candlestick bar with a lower low of $9,045 before the MACD crossover. Therefore I'm not buying into this signal and still thinking of another short leg down coming up. Bollinger bars $9,442 and $8,838 could now need a break by a candle stick for any move up or down.
Comment:
When talking about lower low in last comment I'm just talking about opening price and closing price not the highs and lows