I am very interested in this big pattern play.
ON Day Chart there is a huge ed channel, near fib5 retracement of a large downflow.
Purple box denotes a 4 weeks flat high. I am monitoring for a sign of bull trap/ distributive chart pattern to short this when it goes below this 4 weeks high level.
on h1 i see a rising channel with higher high, but yet on the rsi ( my preferred is macd) , instead i see a lower low.
There is a possible pincer channel so I am watching this cricle to get in with a small SL.
ON Day Chart there is a huge ed channel, near fib5 retracement of a large downflow.
Purple box denotes a 4 weeks flat high. I am monitoring for a sign of bull trap/ distributive chart pattern to short this when it goes below this 4 weeks high level.
on h1 i see a rising channel with higher high, but yet on the rsi ( my preferred is macd) , instead i see a lower low.
There is a possible pincer channel so I am watching this cricle to get in with a small SL.