Hello Everyone,
Here is the next update to my Tron entry point idea published on the 2/24. I have added the fib retracement levels, and updated the descending triangle. As I had anticipated we are trading sideways and holding inside of the descending triangle. I am currently using the 50 MA (upper yellow line) and the 200 MA (lower yellow line) as a "trend" channel. The last time we broke out above the 50 MA was prior to 2/24 and that was the end of a roughly 6 day rally. Tron is getting closer and closer to the lower end of the triangle and we are nearing the lower end of my MA channel which again is the 200 MA. The bears appear to be attempting to regain control, if they succeed we will be retracing to the lower end of the descending triangle which is the exact pivot for the Fib retracement. Looking at my indicator we may possibly be in the early stages of a bearish divergence. I am also showing TRX in a solid downtrend so I am currently sitting on the sidelines with any further entry points until I see which way this goes.
Since we are riding higher on the Martin Buy/Sell Indicator my entry point remains valid and confirms my stance of sitting on the sidelines for a few more days until I see some kind of movement.
I am by no means a professional analyst, simply a hobbyist who enjoys tech analysis and sharing my ideas. This is NOT meant for any trading advice and is for educational purposes only.
If you found this idea useful or helpful please hit like!
Good Luck and Happy Trading!
AWC
Here is the next update to my Tron entry point idea published on the 2/24. I have added the fib retracement levels, and updated the descending triangle. As I had anticipated we are trading sideways and holding inside of the descending triangle. I am currently using the 50 MA (upper yellow line) and the 200 MA (lower yellow line) as a "trend" channel. The last time we broke out above the 50 MA was prior to 2/24 and that was the end of a roughly 6 day rally. Tron is getting closer and closer to the lower end of the triangle and we are nearing the lower end of my MA channel which again is the 200 MA. The bears appear to be attempting to regain control, if they succeed we will be retracing to the lower end of the descending triangle which is the exact pivot for the Fib retracement. Looking at my indicator we may possibly be in the early stages of a bearish divergence. I am also showing TRX in a solid downtrend so I am currently sitting on the sidelines with any further entry points until I see which way this goes.
Since we are riding higher on the Martin Buy/Sell Indicator my entry point remains valid and confirms my stance of sitting on the sidelines for a few more days until I see some kind of movement.
I am by no means a professional analyst, simply a hobbyist who enjoys tech analysis and sharing my ideas. This is NOT meant for any trading advice and is for educational purposes only.
If you found this idea useful or helpful please hit like!
Good Luck and Happy Trading!
AWC
Trade active:
var tradingview_embed_options = {};
tradingview_embed_options.width = '640';
tradingview_embed_options.height = '400';
tradingview_embed_options.chart = 'q8yDY6L6';
new TradingView.chart(tradingview_embed_options);
Update to 2/28 TRX Fib Levels by AWColumbo on TradingView.com
var tradingview_embed_options = {};
tradingview_embed_options.width = '640';
tradingview_embed_options.height = '400';
tradingview_embed_options.chart = 'q8yDY6L6';
new TradingView.chart(tradingview_embed_options);
Update to 2/28 TRX Fib Levels by AWColumbo on TradingView.com
Trade active:
Updated lower end fib levels.
Updated lower end fib levels.
