Short
$REV - BEARISH SCENARIO
What's ostensible here, re its price action?
- Supply and demand areas. Several touches and both bullish and bearish rejections within the outlined ranges.
- Despite yesterday's rally, this stock is still in a a strong downtrend, at least on my beloved M timeframe.
- Downtrend go steeper and steeper as of the last trendline touch, back in end NOV 2019.
- Is that a Bump & Run Pattern getting formed? That'd be a strong, bullish reversal pattern.
How does this info translate a bearish trade?
1. Wait for prcice to retrace to a bearish value zone, namely somewhere around the intersection of the longer, yellow trendline and the supply area.
2. Wait for a bearosh trigger in that area, like a bearish engulfing pattern.
3. Enter next candle with tp at demand area, sloss above supply and the usual dilligent risk management.
Att!! RSI Discrete bullish divergence + bump & run pattern being formed are good signs of a potential reversal.
Note: r/r ration not fantastic
- Supply and demand areas. Several touches and both bullish and bearish rejections within the outlined ranges.
- Despite yesterday's rally, this stock is still in a a strong downtrend, at least on my beloved M timeframe.
- Downtrend go steeper and steeper as of the last trendline touch, back in end NOV 2019.
- Is that a Bump & Run Pattern getting formed? That'd be a strong, bullish reversal pattern.
How does this info translate a bearish trade?
1. Wait for prcice to retrace to a bearish value zone, namely somewhere around the intersection of the longer, yellow trendline and the supply area.
2. Wait for a bearosh trigger in that area, like a bearish engulfing pattern.
3. Enter next candle with tp at demand area, sloss above supply and the usual dilligent risk management.
Att!! RSI Discrete bullish divergence + bump & run pattern being formed are good signs of a potential reversal.
Note: r/r ration not fantastic
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