Looking for an accumulation on a convergence with 2 trendlines
Simple idea ^^ 1H chart
We are in a range since may and we are looking for price to bounce off the lower level to capitalize on another leg upwards.
The downtrending trendline (in green) is likely to get a little manipulation where it would break the trendline then bounce back up quickly; because it has already been tested 5 times. If this would to happen, it would then bounce on the higher timeframe trendline that is going up, and that would form the bottom of the range and a good long opportunity with a good Risk/Reward.
If we don't see an accumulation there, it wont be a good setup because the overall trend is still to the downside; until proven otherwise.
We are in a range since may and we are looking for price to bounce off the lower level to capitalize on another leg upwards.
The downtrending trendline (in green) is likely to get a little manipulation where it would break the trendline then bounce back up quickly; because it has already been tested 5 times. If this would to happen, it would then bounce on the higher timeframe trendline that is going up, and that would form the bottom of the range and a good long opportunity with a good Risk/Reward.
If we don't see an accumulation there, it wont be a good setup because the overall trend is still to the downside; until proven otherwise.
Comment:
Euro tanked, so I am now looking for an accumulation at this area; filling the imbalance witch is just above a POC level:
