TOPDOWN ANALYSIS: Price is on strong Bullish trend, breaking pervious monthly highs
ACTION PLAN: 1.) Wait for price to show one 4h bullish or bearish momentum candle (long body and very short wicks) to confirm market bias
MAGIC IF: 1.) If price retraces but shows strong bearish momentum - market has turned bearish and you should look for short term sells
2.) If price doesn't retrace and shows strong bullish momentum candles - wait for price to hit monthly channel line, then retrace and enter a buy
TIPS: 1.) Wait for retracement/ pullback and a small consolidation or bullish engulfing candle then enter
2.) Price is more Bullish then Bearish on longer time frames (D, W, M) therefor expect buy setups more than sell setups
3.) If you are unsure about anything - don't enter - there will always be another chance/ setup
REASONS/ CONFLUENCES:
.price is consolidating above previous resistance levels (now turned support)
.price has broken monthly highs - confirming bullish trend for 2021
.price is showing bullish candles on the 4h, D, W timeframws
.price is still showing bullish Heikin Ashi candles
.RSI indicator is very close to previous highs - therefore expecting price to pullback and then push upwards
.Price always moves up or down in an up and down movement (retracements/ HH, HL or LL LH)
ACTION PLAN: 1.) Wait for price to show one 4h bullish or bearish momentum candle (long body and very short wicks) to confirm market bias
MAGIC IF: 1.) If price retraces but shows strong bearish momentum - market has turned bearish and you should look for short term sells
2.) If price doesn't retrace and shows strong bullish momentum candles - wait for price to hit monthly channel line, then retrace and enter a buy
TIPS: 1.) Wait for retracement/ pullback and a small consolidation or bullish engulfing candle then enter
2.) Price is more Bullish then Bearish on longer time frames (D, W, M) therefor expect buy setups more than sell setups
3.) If you are unsure about anything - don't enter - there will always be another chance/ setup
REASONS/ CONFLUENCES:
.price is consolidating above previous resistance levels (now turned support)
.price has broken monthly highs - confirming bullish trend for 2021
.price is showing bullish candles on the 4h, D, W timeframws
.price is still showing bullish Heikin Ashi candles
.RSI indicator is very close to previous highs - therefore expecting price to pullback and then push upwards
.Price always moves up or down in an up and down movement (retracements/ HH, HL or LL LH)