NY open on the first hour completed the third peak push up into 25's for the range expansion and 3 levels of fall. Once the jamming up into the high was noticed, there were ample opportunities to enter the market. The safest entry is the break of the creeping up trend channel.
Note
A detailed look on the 2 minute chart shows bearish divergence on the MACD in regards to the three peaks and at the start of the new hour. The first hour of the open is usually but not always, a false move. It intended to jam people up high into 25's for the first hour only to fall, go sideways, and at the start of the new hour exactly, continue to fall. It fell for three levels of 25 points or 75 points and 1 full expansion of the upper range.
Note
Here would be prime examples to add to your positions in a strong trending market. When feeling the urge to snatch at your profits, instead, try adding to your position with another lot. This specific example for today had 3-4 good spots to add. I like to add with a limit order under the elimination of the green's body with a red candle.
Note
Here is an example just yesterday of the same three peak pattern
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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.