Hello everyone,
We just had a push up from the long sideways movement we had and I would like to point out one thing in case you were not paying attention to the TD sequential indicator. This is a time indicator which shows how many candles have traded above the prior (or below) and it is especially useful in seeing when price may flip/ certain traders may be taking some profits. Usually a 9 is a strong indication of this as well as some other signs that are more advanced but for the sake of keeping things simple, you want to be looking for a 8 or 9 and being more caution around these times. On a side note, the higher the time frame, the more impact it would have in my opinion.
Here we see that on the downtrend we reversed off of a 8 count and currently are on a 9 candle. This is on a 6 hour time frame. Now why do I check the 6 hour? You can see when we had our previous run up from the low of 5900 (give or take), that we also reversed off of a 8 count candle, and it was also very useful in calling out the next lower high we made at around 11,500. Do you guys see that?
I do expect some consolidation at this point, but anything can happen. Be safe out there everyone and happy trading!
Disclaimer :
This is not financial advice and I am not a financial advisor. This blog post and any content posted is for entertainment and information purposes only. You are responsible for your own trades and ultimately it is you that makes the decision to buy or sell.
Followed and Upvoted, Keep up the good work and looking forward to more from you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you good sir, will try and update as much as I can with the most concrete findings in my analysis.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit