Weekly: - Ichimoku setup is still kind of neutral, with some bullish bias 26 weeks ahead. - Heikin-Ashi sigbals however shows bullish momentum is out of steam. Candle is a doji with small red body + haDelta/SMA3 turns down. -> this means indecision with some bearish bias, but as SMA3(haDelta) is still above zero and EWO is still green, no big drama... yet - MACD however is worrying a bit: despite the values are still above zero, it failed to deliver a bullish cross.
Daily: - Ichimoku setup is still neutral, now with bearish bias due to future Kumo's Senkou A turn down. - Heikin-Ashi signal is bearish with increased momentum. MAybe short term a bit oversold as Price reached Kijun and haDelta is at a relative low. - 44,12 should have hold. Now Bulls only have one hope, that market will chill down a bit in 42,75-44,15 range. It has some chance, as EWO is still not red. But please do not try bottom fishing here! Risk reward of longs is just not good until we have further signal of minimum a consolidation, but rather of a swing reversal.
Komentarze
jdgpro
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Weekly chart is looking like an inverted cup and handle. Might retest 39.
Kumowizard
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I do not remember any reliable pattern like "inverted cup and handle". (that does not mean there is no such thing, or can not happen something like that) Even my possible inverse H&S is a question and needs a neckline break confirmation to announce the bullish pattern is valid.
I like to follow only few patterns, if I also see some positive price action signals or divergneces on the side.
These patterns are: H&S and Inverse H&S, Double tops and bottoms, Wedges, and some flags. That's all.
Otherwise only Price action relative to averages is what matters for my model. Price action trading leaves more meat on the bone, than only pattern following. (at least this is my experience and beliefe)
ptooom
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Could you please elaborate more about this: "Price action relative to averages what matters for my model" ?
On a side note, your work is awesome man. I've been following you along, and your risk-reward setup is definitely one of the best here in TV.