New 1hr Chart Idea Trend
Updated
Since the last pump, the next candle went red and dumped, it been very low volume from then with weak order flow. The current 4 hour long descending wedge is the last time I closed a position thats why Im plotting from that candle. Still some confirmation to go for a small profitable trade but currently I dont see anything on the long term thats tradable as the price seems to be going sideways with a very weak volume supporting it. Maybe people are just scared to trade.
I managed to catch a 24+% profit from the green candle prior to my plotting which I had been waiting on from last night, woke up at the right time and managed my SL up in profit until the wick appeared and took out much of the pump price, by then I had already closed.
I hope my analysis gets better with time, but currently im just waiting on a signaled setup then ill decide weather to enter a trade or wait a bit longer.
I managed to catch a 24+% profit from the green candle prior to my plotting which I had been waiting on from last night, woke up at the right time and managed my SL up in profit until the wick appeared and took out much of the pump price, by then I had already closed.
I hope my analysis gets better with time, but currently im just waiting on a signaled setup then ill decide weather to enter a trade or wait a bit longer.
Note
The candle i began my chart is a bearish reversal candle pattern. The bullish candle preceding the bearish red candle shows an attempted weak break to the upside, where as the reversal is a bearish signal with both upward and downward volume quite strong. The next red candle indicates the bears won that battle with a margin victory and although the candles did turn bullish, we are still in a major downtrend with virtually no order volume meaning not alot of confidence in the market.Similar patterned candle on the 14:00 candle close.
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