The focus for this idea will be the weekly timeframe with monthly overlayed and the daily timeframe with the weekly overlayed. The monthly chart will be used as a higher timeframe reference.
https://www.tradingview.com/x/UFesJiQ7/
In Calendar week 48 BTCUSD had a close below the weekly Envelope Top (99414.61). This was a first indication that the weekly was in the middle of retracement.
https://www.tradingview.com/x/SNWLZB4Z/
When the weekly close indicates retracement, the process implies a weekly PLdot refresh. In order for a weekly PLdot refresh to happen, the daily timeframe has to put in a daily top and “roll over”. The daily top is in when the daily close is below the daily live Envelope top.
Important to know: Refresh areas are a combination of live and static values. Live values are the values that are for the upcoming bar (for every time frame, e.g. live day values are the tomorrow values) whereas static values are todays values (e.g. todays PLdot Envelope Top, etc.)
https://www.tradingview.com/x/bJmcz7fr/
The daily timeframe put in the top on Sunday and started the process of “roll over”. The daily timeframe has nothing else to do but play out the weekly timeframe move. In this case the weekly is going for a PLdot refresh to the weekly PLdot refresh area (live PLdot and static PLdot area). How does this happen? The daily will close inside its Envelope, the daily has to start a c-wave so that the weekly can reach the static weekly PLdot area.
Looking above one can notice that the weekly slope and direction are up. Additionally, the weekly PLdot refresh area contains also the Higher Time Period - monthly envelope top live.
Once price came to the weekly pld refresh area, this was the area to go long. The weekly pld refresh was made by the daily c-waves exhausting on the daily level, aborting the c-wave down, closing inside the daily envelope, not being able to break the envelope bottom yesterday. S/L is below the daily EBOT with the target being the daily PLD first, daily ETOP next, daily exhaust area final. As long as the weekly PLD is pushing up (supported by the monthly direction and monthly c-wave) in a multiple time frame situation, price will go to the monthly area 5 and exhaust.
Important to know: C-waves can break terminations.
What is next? After a big move up, PLDs have to "catch up". Thusrday saw a move to the 6-5, that usually appear at the beginning of a new trend after congestion. Daily c-wave up ongoing. As long as weekly PLdot is pushing, price will go to weekly Envelope Top (static then live) as the bottom of monthly area 6 is up, price will go higher, confirming it through c-waves n daily and weekly timeframes, thus breaking the weekly Envelope Top and going towards the next weekly target which is the bottom of its exhaust zone. NO scenario would see the closure within the daily envelope after which the daily would roll over to go to its logical target which is the daily PLdot refresh area.
https://www.tradingview.com/x/UFesJiQ7/
In Calendar week 48 BTCUSD had a close below the weekly Envelope Top (99414.61). This was a first indication that the weekly was in the middle of retracement.
https://www.tradingview.com/x/SNWLZB4Z/
When the weekly close indicates retracement, the process implies a weekly PLdot refresh. In order for a weekly PLdot refresh to happen, the daily timeframe has to put in a daily top and “roll over”. The daily top is in when the daily close is below the daily live Envelope top.
Important to know: Refresh areas are a combination of live and static values. Live values are the values that are for the upcoming bar (for every time frame, e.g. live day values are the tomorrow values) whereas static values are todays values (e.g. todays PLdot Envelope Top, etc.)
https://www.tradingview.com/x/bJmcz7fr/
The daily timeframe put in the top on Sunday and started the process of “roll over”. The daily timeframe has nothing else to do but play out the weekly timeframe move. In this case the weekly is going for a PLdot refresh to the weekly PLdot refresh area (live PLdot and static PLdot area). How does this happen? The daily will close inside its Envelope, the daily has to start a c-wave so that the weekly can reach the static weekly PLdot area.
Looking above one can notice that the weekly slope and direction are up. Additionally, the weekly PLdot refresh area contains also the Higher Time Period - monthly envelope top live.
Once price came to the weekly pld refresh area, this was the area to go long. The weekly pld refresh was made by the daily c-waves exhausting on the daily level, aborting the c-wave down, closing inside the daily envelope, not being able to break the envelope bottom yesterday. S/L is below the daily EBOT with the target being the daily PLD first, daily ETOP next, daily exhaust area final. As long as the weekly PLD is pushing up (supported by the monthly direction and monthly c-wave) in a multiple time frame situation, price will go to the monthly area 5 and exhaust.
Important to know: C-waves can break terminations.
What is next? After a big move up, PLDs have to "catch up". Thusrday saw a move to the 6-5, that usually appear at the beginning of a new trend after congestion. Daily c-wave up ongoing. As long as weekly PLdot is pushing, price will go to weekly Envelope Top (static then live) as the bottom of monthly area 6 is up, price will go higher, confirming it through c-waves n daily and weekly timeframes, thus breaking the weekly Envelope Top and going towards the next weekly target which is the bottom of its exhaust zone. NO scenario would see the closure within the daily envelope after which the daily would roll over to go to its logical target which is the daily PLdot refresh area.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.