As time goes by, the markets evolve... If your way of TA is strong, then the path will lead its way...
More visible, more probable: Dashed lines; Possible forming patterns Solid lines; Confirmed patterns / support or resistance Dotted lines; Possible price-action trajectories / wave trend
' I’m trying to free your mind, Neo. But I can only show you the door. You’re the one that has to walk through it. ' ~ Morpheus, The Matrix ~
With that having quoted, this is my way of keeping order in the chaos. I call it, "Pattern Formation Level( PFL )": Alpha > Beta > Delta > Echo (Yeah, I skipped Charlie... It just sounds cooler like this, right? ^^ )
Explanation PFL: Alpha; ST / Bullish Pennant pattern formation, a.k.a. "The End Game", a.k.a. "The Big Long". (Daily and higher timeframes) Beta; Most recent relevant and biggest forming pattern within The Alpha forming pattern. FW / DC. (4-12 hour timeframes) Delta; Most recent relevant forming patterns within The Beta pattern. (1-4 hour timeframes) Echo; You get the picture... (15min - 60min timeframes) Eventually the PFL's are all connected. When the last beta, delta and echo patterns are confirmed. This should form and confirm the most recent forming Alpha pattern. I'm a programmer and I like playing chess. As result to my TA, I like to look ahead as far as possible. You can only do this if you have reliable trends to follow. That's why I came up with this system. Timeframes are estimations and not exact.
Current possible Delta patterns: RBW , but there is a BIG DT formation in the making.
Current possible Echo patterns: AT, Head & Shoulder. -- Today's Note: The bears are being generous this x-mas. Hopefully they keep it like that until new year, giving the bulls some room to build up volume .
The Echo patterns are looking quite bullish . But the first bearish patterns or signals that appears, I might close my long position while they are still in profit. Because The Delta pattern is one big bear flag , whether it becomes a DT. It's still bearish signs. So I might be looking for a good short opportunity, when it hits a top or retest of a resistance. In the meanwhile, I'll be building up some hopium for a bullish break out and staying with the current targets.
To be concluded...
Current Target: Exit long position / Entry short position target: 7.8K - 8K region. --
If you don't want to miss out on any of my daily technical analysis . Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. In case you're wondering which indicator I'm using. She's called EMI , short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
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Correction: it's an inverse Head & shoulder pattern formation in the smaller time frames. But there is big head & shoulder in the making though in the longer time frames.
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EMI is giving a green X at 30min, usually a very strong signal for short-term bullish reversal.
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Head & shoulder pattern formation confirmed also, we might see more upwards movement.
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I reckon it's safe to say that support of the current Delta pattern is confirmed.
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*1st confirmation of support
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Added possible trajectory. Hopefully it goes further though :)
Сделка закрыта: достигнута тейк-профит цена
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i've reached my target, closed by s/l above entry point. Entered a short position once it went down. Pretty tight s/l just in case it would wick up again. But it continued to go down.
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Looking pretty scare, if you are longing currently.