Here is an updated chart analysis for you to read.
Monthly - Green candle ascending, increasing volume. Stoch RSI descending at 44.78/52.18. Bullish.
2wkly - Green candles ascending, volume may be increasing (too early to tell). Stoch ascending at
18.62/9.38. Bullish.
Weekly - Green candles, volume seems to be increasing. Stoch ascending at 88.74/70.79. Bullish.
3day - Red candles, although they are hanging men. Decreasing volume. Stoch descending at
86.79/93.39. Bearish.
Daily - Green candle. Former one was a doji. Volume may be increasing. Stoch ascending from
bottom, at 15.1/6.39. Bullish.
18hr - Green candles. Volume low. Stoch ascending at 56.55/32.58. Bullish
12hr - Green candles. Volume slowly descending. Stoch ascending at 50.1/27.05. Still bullish.
8hr - Green candles. Volume seems steady. Stoch ascending at 76.11/48.55. Bullish.
6hr - Green candles. Volume is low. Stoch is hitting the top at 100.0/92.04. Bearish.
4hr - Green candles. Volume appears to be increasing. Stoch at the top at 100/100. I think bearish.
3hr - Green candle. Volume is strong. Stoch at 100/100, and has been for 3 candles. Bearish.
2hr - Green candle. Lower than the last one. Volume is lower at this stage. Stoch is at the top,
and has been for about 10 candles. Bearish.
1hr - Green candles, but descending since three candles ago in height. Volume dropping. Stoch
slightly dipping at 90.29/91.94. Bearish.
45min - First red candle, although it may be in series of rises. Volume slightly increasing, although
still showing bullish signals. Stoch is descending sharply now at 68.78/84.39. Bearish.
30min - Red candle. Volume bearish and equal to the last two volume candles. Stoch is dipping
sharply at 54.46/75.45. Bearish.
Smaller timeframes appear bearish, but bigger ones are bullish. I think overall it is still bullish, although I'm up for a short.
Monthly - Green candle ascending, increasing volume. Stoch RSI descending at 44.78/52.18. Bullish.
2wkly - Green candles ascending, volume may be increasing (too early to tell). Stoch ascending at
18.62/9.38. Bullish.
Weekly - Green candles, volume seems to be increasing. Stoch ascending at 88.74/70.79. Bullish.
3day - Red candles, although they are hanging men. Decreasing volume. Stoch descending at
86.79/93.39. Bearish.
Daily - Green candle. Former one was a doji. Volume may be increasing. Stoch ascending from
bottom, at 15.1/6.39. Bullish.
18hr - Green candles. Volume low. Stoch ascending at 56.55/32.58. Bullish
12hr - Green candles. Volume slowly descending. Stoch ascending at 50.1/27.05. Still bullish.
8hr - Green candles. Volume seems steady. Stoch ascending at 76.11/48.55. Bullish.
6hr - Green candles. Volume is low. Stoch is hitting the top at 100.0/92.04. Bearish.
4hr - Green candles. Volume appears to be increasing. Stoch at the top at 100/100. I think bearish.
3hr - Green candle. Volume is strong. Stoch at 100/100, and has been for 3 candles. Bearish.
2hr - Green candle. Lower than the last one. Volume is lower at this stage. Stoch is at the top,
and has been for about 10 candles. Bearish.
1hr - Green candles, but descending since three candles ago in height. Volume dropping. Stoch
slightly dipping at 90.29/91.94. Bearish.
45min - First red candle, although it may be in series of rises. Volume slightly increasing, although
still showing bullish signals. Stoch is descending sharply now at 68.78/84.39. Bearish.
30min - Red candle. Volume bearish and equal to the last two volume candles. Stoch is dipping
sharply at 54.46/75.45. Bearish.
Smaller timeframes appear bearish, but bigger ones are bullish. I think overall it is still bullish, although I'm up for a short.
Trade closed: target reached:
I don't think I was right in condemning this trade as failed right away. This is what happened.
It rose another 25% of the price before dropping, just over a month later. When it did drop though, it dropped almost 50% in price, which is a lot more than I'd expected with my form of head and shoulders.
Also, I know that on these Heiken Ashi candles it is difficult to see a head and shoulders. Feel free to look at these timeframes on a different type of candle or line chart and say what you think.
It rose another 25% of the price before dropping, just over a month later. When it did drop though, it dropped almost 50% in price, which is a lot more than I'd expected with my form of head and shoulders.
Also, I know that on these Heiken Ashi candles it is difficult to see a head and shoulders. Feel free to look at these timeframes on a different type of candle or line chart and say what you think.