I've not seen this sort of stuff before on Tradingview, so I do apologise if everybody knows about it.
I show how I used both a microtrend change on a 15 min time frame and a macrotrend position to get a suitable entry position on Japan225. Note carefully, that this is not a 'win'. I totally expect to lose but if that happens the loss will be minimal. If however ...
Having broken out of resistance around the 23000 area and come back below it, the technical picture now looks muddled. For now we can say that we're in a rising wedge, and trend support is currently at the lower boundry.
I think that the range of 22000-23000 will not last long.
Following the course,
July 2: It penetrated down 22000 that is the neckline of the blue double bottom.
July 5: It was bounced back by YPP (P) and returned to the range.
July 9th and July 12th: It went up as attacking the short entry on July 2nd while swinging around.
After the movement of attacking ...
In this screencast I'm looking both at the daily and 4H time frames on the JP225USD.
The daily is into a potential reversal zone based on my methodology.
The 4H is probably into a PRZ based on an ABCD pattern.
Stay lively - stalk carefully. :))
There is no trend, it is NK225 that goes between 22000 and 23000 range.
However, it is still difficult to understand price movements.
I think that there is no problem by doing both trading and selling.
<< tactics >>
1) MPP (P) 22372.6 can be recognized as functioning.
There is WePP (S1) 22195.6 on the way, but thought to penetrate, it limits above ...
Could we see a turning point for the Japanese Index at this 2250 level? Looks like a fight is happening between both sides at this phschological level, if we see a bearish daily close and a break of the ascending trend line we could have a weak Yen on our hands. Possibly down to 2220 area. What do you think?
For discussion purposes only ;) what are the odds of having a long-term double top/M-pattern being formed? Current short term C wave shows already some weakening price action. The 15 min starts a corrective move, that will in itself create an hourly bearish move down. There is still a huge run to go on the weekly to have a confirmation of the M patter, but if ...