For the first time in months I'm excited to trade GU this week!
So on the daily, we have a bullish pennant whereas on the 4hr we have a Head and Shoulders. What does that mean?
Simple, we don't take the sell, as that goes against our higher timeframe bias as we're still in an uptrend due to higher highs and lows.
We wait for that neckline to be breached and for the magic to happen in the orange circle, taking buys all the way up.
Magic?
3rd touch of trendline.
Golden 61,8% Fib area
Daily support.
3 great confluences for buys!
Sells if the pennant is broken.
So on the daily, we have a bullish pennant whereas on the 4hr we have a Head and Shoulders. What does that mean?
Simple, we don't take the sell, as that goes against our higher timeframe bias as we're still in an uptrend due to higher highs and lows.
We wait for that neckline to be breached and for the magic to happen in the orange circle, taking buys all the way up.
Magic?
3rd touch of trendline.
Golden 61,8% Fib area
Daily support.
3 great confluences for buys!
Sells if the pennant is broken.