LINK RANGE BOUND - BUT FOR HOW LONG?
Updated
Have been monitoring link in this range for some months...the weekly range is clear as day.
WEEKLY
weekly price action is showing that the upper key area (red) is being rinsed out... everytime a wick moves into this area it is sold off. Now looking at the first three times price has entered, it has produced an engulfing candle, showing strong reversal, to lower end of the range, which is around 35% move... a move to the upside of the range is around 55%. So do the math. We have also been chopping in this range and managed to push out to the downside and tag the previous high (purple) which never got tested on the way up.
The Green line - 'trendmaster / E9 sTM' flashed green on the past impulse leg up, as an entry rule when this switches we enter on a retracement, we have retraced all the way down to lower end of range and hovering above the level. E9 Overwatch is neutral.
DAILY
So on the daily i am currently monitoring this orange fibb / accumulation zone, we can see the bottom of the weekly range (whiite line), There are buy signals (light green candles) appearing from the Overwatch MFI. Just by looking at the price action i can see on a lower timeframe there is some accumulation patterns happening. his is in and around the area for previous impulse POC area. Something else to take note of is the recent Bearish engulfing candles do make me pause for concern.
Moving forward would like to see a confirmation of a nice Bullish engulfing candle on the daily chart, when this happens i will update this and we can monitor moving forwards.
WEEKLY
weekly price action is showing that the upper key area (red) is being rinsed out... everytime a wick moves into this area it is sold off. Now looking at the first three times price has entered, it has produced an engulfing candle, showing strong reversal, to lower end of the range, which is around 35% move... a move to the upside of the range is around 55%. So do the math. We have also been chopping in this range and managed to push out to the downside and tag the previous high (purple) which never got tested on the way up.
The Green line - 'trendmaster / E9 sTM' flashed green on the past impulse leg up, as an entry rule when this switches we enter on a retracement, we have retraced all the way down to lower end of range and hovering above the level. E9 Overwatch is neutral.
DAILY
So on the daily i am currently monitoring this orange fibb / accumulation zone, we can see the bottom of the weekly range (whiite line), There are buy signals (light green candles) appearing from the Overwatch MFI. Just by looking at the price action i can see on a lower timeframe there is some accumulation patterns happening. his is in and around the area for previous impulse POC area. Something else to take note of is the recent Bearish engulfing candles do make me pause for concern.
Moving forward would like to see a confirmation of a nice Bullish engulfing candle on the daily chart, when this happens i will update this and we can monitor moving forwards.
Note
Bullish engulfing live, looking at something like this: Note
Here we can see the power of this particular area, on this h1 chart, we have completed a similar move i anticipated, topping out and then going to look for liquiidty back in the area. Note
Had the move back into the daily area, clean as day. Didnt even breach the area for liquidity, stayed within. coming up now for a triple top... lets see if we can break this and start the move to upper end of the weekly range. We can see daily MACD has switched trend, Looking good, would like to see move upto the trendline and then out upto naked POC. Note
Currently attacking trendline, sell off as expected when arriving.... lets see if we can regain momentumn and break out... if broken, lets await a retest and wait for the move upto the short term target. Note
Broken trendline and retest complete... nice play. Note
We have arrived at the shorter term target which was highlighted in previous comments as the yellow box. we witnessed the E9 MACD switch to upside, and awaiting the break of the trendline, after this broke we was awaiting a retest for confirmation, that came and i posted the above chart. I have cancelled tradingview subscription due to price increase / hidden tax charges, therefore i lost my old analysis, but have updated here. Trade closed: target reached
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