(Couldn't sleep so might as well have some fun)
- Overall market trend based on daily chart is bullish.
- Price has experienced several noticeable retracements; one of which we used to plot the Fibonacci zones
- Price respected these zones on H4 noticeably
- H1 shows strong bullish momentum however the bearish candles are bigger in contrast to the bullish ones
- ADX shows strong bullish momentum
- RSI shows faint divergence
We are now waiting for a market pattern where it's confirmed by a candlestick pattern. That or we stay still and observe the market's behavior.
Caveat.
- Overall market trend based on daily chart is bullish.
- Price has experienced several noticeable retracements; one of which we used to plot the Fibonacci zones
- Price respected these zones on H4 noticeably
- H1 shows strong bullish momentum however the bearish candles are bigger in contrast to the bullish ones
- ADX shows strong bullish momentum
- RSI shows faint divergence
We are now waiting for a market pattern where it's confirmed by a candlestick pattern. That or we stay still and observe the market's behavior.
Caveat.
Note
Confluence update:Price is now on
1) 61.8 Fib
2) Demand zone
3) H4 support
Cons are:
1) Tweezer tops
2) RSI divergence
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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.