Hello my wonderful community !
it’s been a while I posted.
I really appreciate you guys for reviewing my charts
Kindly like and comment on how you feel the market will go , I’m open to learn and communicate with other hardworking traders on here.
The colors for each line/zone
Monthly – Yellow
Weekly – Orange
Daily – Green
4H – Red
1H – Purple
My Monthly chart view:
Ever since 2010, price has been in an uptrend by making higher highs and higher lows.
Price keeps breaking major resistance areas and turning them to dynamic support areas and respects the EMA 50 anytime it makes a correction.
Take note as price is trending upwards and respecting the channel constructed.
My Weekly chart view: Going into the weekly TimeFrame, it is truly clear that price entered a range from 2017 until 2022 before the bulls came in fully in early 2022 and made an Uptrend and breaking the resistance with bullish candles before exerting a correction and respecting the newly formed support.
My Daily chart view:
I also noticed a range forming due to this same correction between the areas marked in red.
Notice the double top indicating a reversal after the break of the neck line. After the invalidation of the Red daily trend line by the break with bearish engulfing candle, The bears take full control driving the price down to an area of Demand.
Price is in a downtrend as this is due to the correction observed in the bigger timeframe
To play safe i feel i can capture a buy setup after the break and retest of the upper red resistance but that will take forever.
My 4H chart view:
I capitalized on this trade by executing based on my trading strategy with a nice sell setup after the break of the neckline with a risk: reward of 1:2.
So I’ll go further and look for buy Setups as we are in this same 4H time frame
Price currently approached an Area of Demand (this area also serves as a major support zone and has been respected multiple times )and bulls seems to be coming in strong with rising momentum.
My 1H chart view: Sometimes we just have to go further with the believe that the market will reveal its hand , so I’m patiently waiting for buy setups as price is gaining momentum with the EMA 14 crossing over the EMA 50 and price still respecting the area of Demand and major support zone.