Short
Megafon short term trading
Overall.
Long-term consideration.
From start of 2018 slight attempts to reverse.
Weekly.
Slow formation.
I did not consider trend indicators like RSI and MACD here because of flat\low actions.
Presumably for such long correction that lasts 4 years, the chance of quick changes not so high.
All looks that price reluctantly prepares for range.
Or Probably continue of decline.
I do not see strong support from which reversal could be and new trend started.
Only Volumes shout something.
Daily
To confirm edning of trend price should be fixed above S/R level (rectangle)
Now pattern of bounce and correction down forming.
Stochastic has direction to down.
If we consider last Zig-Zag it looks like 1 huge indecision bar.
Due to weakining downtrend.
RSI was overbought
4H
Nothing new
1H
Divergence by RSI
STochastic also shows divergence
SR around 592.
I think to open short on short-term, and work on that timeframe until the W and D will get clear pattern, resolve indecisions and then I want to take actions on,
Entry 591
SL 601
TP 550
RR 3.98
Long-term consideration.
From start of 2018 slight attempts to reverse.
Weekly.
Slow formation.
I did not consider trend indicators like RSI and MACD here because of flat\low actions.
Presumably for such long correction that lasts 4 years, the chance of quick changes not so high.
All looks that price reluctantly prepares for range.
Or Probably continue of decline.
I do not see strong support from which reversal could be and new trend started.
Only Volumes shout something.
Daily
To confirm edning of trend price should be fixed above S/R level (rectangle)
Now pattern of bounce and correction down forming.
Stochastic has direction to down.
If we consider last Zig-Zag it looks like 1 huge indecision bar.
Due to weakining downtrend.
RSI was overbought
4H
Nothing new
1H
Divergence by RSI
STochastic also shows divergence
SR around 592.
I think to open short on short-term, and work on that timeframe until the W and D will get clear pattern, resolve indecisions and then I want to take actions on,
Entry 591
SL 601
TP 550
RR 3.98
Trade active
opened short from 591Trade closed: stop reached
- 10 PIPSRR 4
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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.