Another one to place on the watchlist for now. This one seems to be finding support on the long term support line. It has broken the last years trend resistance line. It will need to hold this green support through the longer term down trend red resistance line. If it manages this we could see a new uptrend. Placed on the watchlist!
Notes on how I personally use my charts/NFA:
Each level L1-L3 and TP1-TP3 (Or S1-S3) has a deployment percentage. The idea is to flag these levels so I can buy 11% at L1 , 28% at L2 and if L3 deploy 61% of assigned dry powder. The same in reverse goes for TP. TP1: 61%, TP2:28% and TP3:11%. If chart pivots between TP's, in-between or in Between Sell levels these...
Entered on 13th Jan.
Weekly analysis:
1) Support tested on the big red weekly candle (Long tail)
Daily analysis:
1) Double indecisive candle with great volume. Second indecisive cande has lower tail
30 minute analysis:
1) Huge climax selling volume spike on 9th Jan
2) Huge bullish volume spike on 10th jan
In Channel
At 12 month, 6 month, 3 month areas of support
4:1 R:R
There may be some slight pull back before proceeding long.
Not sure what this pattern is, If anyone can help clarify or help me adjust it, that would be appreciated.
Ray.
