Road Trip to Top of Cherry Hill!
Weekly
Looking at out highest timeframe we see price has once again reached our major support at 1200 expecting a double bottom to form at this level. Stochastic RSI showing momentum is heading towards the downside, however remember indicates rely on price action. Let’s take a look at our other timeframes.
Daily
Shifting to our pattern timeframe we get a better perspective of our double bottom formation. Waiting for a daily close above 1300 before taking a buy, stochastic rsi showing momentum is heading towards the upside.
4Hour
Finally looking at our trigger timeframe we see price has also formed a double bottom inside our smaller timeframe, while our bigger timeframe double bottom forms. 4Hour close above 1300 activates our trade, stochastic rsi showing momentum slowing down from it’s short term bullish run.
Conclusion
Wait for the daily close above 1300
Related publications
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.