This is the hourly chart of the UBER stock.
The question is where are we going next?
Classic candle pattern analysis suggest we are building a flag pattern for a leg up. The real volume trend indicator is not so sure (Indicator at the bottom of the screenshot, show a significant decline in the bullish volume. Our "Trading Zones" algo has identified some big selling levels above the flag pattern (red areas on the chart).
Our hunch would be a candle pattern break into the red zones and then a sell off. For us hunches have no place in trading a profitable edge. This algo output is super high timeframe, so we will wait for lower timeframe confirmation of where to trade to ensure that we have at least a 10:1 risk reward and make money even when we are wrong - or worst case not lose money.
The question is where are we going next?
Classic candle pattern analysis suggest we are building a flag pattern for a leg up. The real volume trend indicator is not so sure (Indicator at the bottom of the screenshot, show a significant decline in the bullish volume. Our "Trading Zones" algo has identified some big selling levels above the flag pattern (red areas on the chart).
Our hunch would be a candle pattern break into the red zones and then a sell off. For us hunches have no place in trading a profitable edge. This algo output is super high timeframe, so we will wait for lower timeframe confirmation of where to trade to ensure that we have at least a 10:1 risk reward and make money even when we are wrong - or worst case not lose money.
Note
So drilling into the detail after the opening hour or so. This is a one minute chart and has more precise trading zones from the Algo. Good risk reward places to buy would be the green buying zone at the below price. Or the orange zone below would be even better, with trapper sellers in here, those throwing in the towel at breakeven will add to those buying in this area.
Note
Having just put up the previous post, the bulls are stepping up. See the change in the volume trend indicator. We have also created a new buying zone. Will want to see price trade above and come back for a retest.
Note
See how price bounced off this zone. Not at the equal high, but at the bottom of the zone. The human eye can not predict these swing points with such precision.Not sure we would have sold that level, due to the dramatic shift in bullish volume trend. Although being able to see these zone on the chart helps understand what is going on. Knowing where retracements will occur really helps seeing the landscape of the battlefield.
Note
Big closing candle last night on UBER. Wonder if could be the day for the breakout. Market seems strong pre-market.Would not want to buy up here, but will be interest in the 34 mark. Will want to see confirmation from our Algo before pressing the button.
Note
The move down was strong - printed a bear zone (selling zone), so nothing to trade yet
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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.