Weekly Template Estimation November 17th Bullish Weekly Candle
I am going to walk you through my thought process of what I think is the most likely weekly candle this week. I think this week's candle will be of a bullish nature. I believe Monday and Tuesday will be the low of the week, AKA the weekly wick before the expansions Wednesday, Thursday and Friday.
Last week's candle was a pause/resting pullback week after the following massive expansion candle. This week's candle has the opportunity to trap sellers down low in the false sense of a continued down trend when in fact price is just pulling back into support from the massive bull candle. Price is still in the top 1/3 of that candle.
I won't know the results of this post until Friday after everything has traded. I will be looking for buys off of support come Wednesday-Friday. I will let Monday trade while I just observe. I will not trade Monday as I don't have enough information on what the market's goals are this week. I need them to show me their hand first and then I can make more informed decisions.
Last week's candle was a pause/resting pullback week after the following massive expansion candle. This week's candle has the opportunity to trap sellers down low in the false sense of a continued down trend when in fact price is just pulling back into support from the massive bull candle. Price is still in the top 1/3 of that candle.
I won't know the results of this post until Friday after everything has traded. I will be looking for buys off of support come Wednesday-Friday. I will let Monday trade while I just observe. I will not trade Monday as I don't have enough information on what the market's goals are this week. I need them to show me their hand first and then I can make more informed decisions.
Trade active
So far this week is behaving exactly as planned. If price can now get over its weekly open in Cyan, then that will be the tail wick. Note
So far the tail part of the week is in ( for now ) Price needs to get up and above the weekly open and have two trending days to complete the bull candle.
This is what I would LIKE to see as best case scenario.
I am taking each day as they come and react accordingly.
Note
Price was able to get up and above the weekly open AND had a 1.00% rally today. This is what I was expecting. Now only one day left, Friday. How far can it rally? I will give the final update Friday close and see how the weekly candle formed.Note
If Friday will continue with a second day rally, then I will be looking for buys off of support. The goal is 1 full range expansion of Monday-Tuesday Opening Range/Initial Balance.Trade closed: target reached
Friday pulled back into my support level and rallied another 1% today as the second day rally, thus completing the bull hammer weekly candle. This has been my best performance weekly as I have been in the zone all week. This tells me my hundreds of hours of support zones study are paying off. This in conjunction with studying weekly templates and how prices move within a weekly candle.
I will celebrate this week as a win not because of the large gain but because I am getting better at my craft. My goal is to be a top Dow Jones trader.
Note
Here is the finished weekly candle. A bull hammer candle. The biggest clue that helped me figure out what type of week it would be was the fact that the opening price of the week opened at the same price as last week's close AND it was the prior pivot high. 
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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.