Major overextension, reversal imminent
Updated
there are 17 red candles in a row on the heikin ashi daily chart!!!
It is overdue for a reversal and now is a good time to get in at a good price.
RSI is stagnating from going lower.
We have price reaching the last level of major upward thrust, so there should be a bounce incoming from long liquidity sitting at that area and creating a wall upwards. That is the reason that I don't expect seeing a big accumulation here, but you never know. I would say Monday would be the day that we see a big upwards movement.
Also my MFI / Stoch indicator (at the bottom) shows a good buy signal. This indicator is more reliable on the daily timeframe witch this chart IS.
You can see my position taken witch would be a 2.5 RR if it played out.
It is overdue for a reversal and now is a good time to get in at a good price.
RSI is stagnating from going lower.
We have price reaching the last level of major upward thrust, so there should be a bounce incoming from long liquidity sitting at that area and creating a wall upwards. That is the reason that I don't expect seeing a big accumulation here, but you never know. I would say Monday would be the day that we see a big upwards movement.
Also my MFI / Stoch indicator (at the bottom) shows a good buy signal. This indicator is more reliable on the daily timeframe witch this chart IS.
You can see my position taken witch would be a 2.5 RR if it played out.
Note
The current setup for the last manipulation reversal after price consolidated:Trade closed manually
We have a distribution her on the manipulation of an upper trendline break. Price wanting to go lower here so removing my positions until price gives us more info
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