Taking a quick look at the Daily to get an overall view on how we are traveling and it looks like we may have a pullback on the cards over the next week, we have a fairly high , with a fair amount of selling pressure over the last few days. Taking a look back over the chart you will start to notice these candle patterns quick often in trend reversals. I myself don't trade on the Daily, I use it as the tide, then the 4hr/1hr as the waves, and the 15min (rarely) as the ripples. Be aware of the tide, it's best to swim with the tide but you can ride the waves with caution.
Anyway as always this is not set in stone and we will need to see how the day close before making any set judgments. I will update today when I can but I will be away from the screen working most of the day.
Be safe, make sure you set them stop losses, don't over trade and keep your position sizes low enough that you don't panic at the smallest swings in price.
Thanks for dropping by, hopefully, you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
On the 4hr we still have convergence although not quite as less defined yet, we have RSI and %R are overbought.
On the Daily we are still looking bullish, the %R is still very overbought but the signal we will be looking for is for it to cross back under 20-22 ,with RSI above 60, with the MACD sloping down. These are the type of indicators we would see when looking at a major correction/pullback, which gives me a little more confidence that while I believe we will see a pullback, I would say that we will be looking at a shallow pullback to .382 fib at the most, and even though, .236 FIb corrective waves are rare ( less than 10%) we could see it that shallow.
Been lots of accumulation/distribution one right after another, I am hoping my Jump the Creek is on point and we don't need to test again,