Quite the run, looking for a pull back
We see increasing volume with increased volatility. There was a failure to reach new highs while the MACD is reaching a point of reversal. Around this level we see some pullback action, and the fact we have more volatility adds to the thesis.
The price has been moving in this channel right as the MACD is aiming to reverse. Once crossed, I am short.
The orange line represents a trend which is usually respected. Once area of resistance, then support, then resistance, and no surprise... Support again. I am aiming to reach this level back short.
On the shorter term chart, we are over extended out of the Keltner channels, looking to reverse with the miniscule Head n Shoulders formation (possible confirmation bias...)
Looking to make a post about confirmation bias here soon, especially if this idea doesn't pan out!
Best of luck, traders and all love out there
The price has been moving in this channel right as the MACD is aiming to reverse. Once crossed, I am short.
The orange line represents a trend which is usually respected. Once area of resistance, then support, then resistance, and no surprise... Support again. I am aiming to reach this level back short.
On the shorter term chart, we are over extended out of the Keltner channels, looking to reverse with the miniscule Head n Shoulders formation (possible confirmation bias...)
Looking to make a post about confirmation bias here soon, especially if this idea doesn't pan out!
Best of luck, traders and all love out there
Note
MACD Cross on the 2-hourAnother great post by another contributor looking at divergence:
Note
Target hit and I am out. Sell: $3894.25
Closed: $3753.75
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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.