Depending where the friday daily candle closes will signify to me if next week will be bearish or bull.
Things to keep in mind:
- Price has hit a strong resistance level
- 4hr chart upward channel
- Hit 1.27 fib ext
RED LINE
If friday closes below this red line the price has formed a lower high signalling a bearish trend. This line is placed on the fib 0.38 retracement level and also lands on a minor resistance level.Therefore closing beneath it will show price has power to move down for the coming week.
GREEN LINE
If friday closes above this green line the price has formed a higher high signalling a Bullish trend. Also Broken out of the upward channel.
Tell me what you guys think? , have I missed something?
Cheers
Things to keep in mind:
- Price has hit a strong resistance level
- 4hr chart upward channel
- Hit 1.27 fib ext
RED LINE
If friday closes below this red line the price has formed a lower high signalling a bearish trend. This line is placed on the fib 0.38 retracement level and also lands on a minor resistance level.Therefore closing beneath it will show price has power to move down for the coming week.
GREEN LINE
If friday closes above this green line the price has formed a higher high signalling a Bullish trend. Also Broken out of the upward channel.
Tell me what you guys think? , have I missed something?
Cheers
