Going by channel observed on the 4HR view, there may be quite a profitable uptrend to break out.
Best to wait for confirmation upon breakout first.
Trade at your own risk..
The immediate trend in lower timeframe to be traded too, market may come back to bounce off trend line or support area, may get to enter this breakout.
Best to wait for confirmation upon breakout first.
Trade at your own risk..
The immediate trend in lower timeframe to be traded too, market may come back to bounce off trend line or support area, may get to enter this breakout.
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Channel still developing ..
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This is why i said lower timeframes/views to be traded also, as bigger channel develops, those developments are tradeable too. Think of it as (small) channels in (big) channel.
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Market hits my personal target ..
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As i advise to only enter on breakout, i tend to enter some trades prior to breakout if i feel confident enough. Following the above pattern for sell in the lower timeframe, i entered a buy at 50.99 where i felt safe. Be warned market has potential to go lower, perhaps 50.5. At the moment i set stop loss just incase market opens with a spike down way below my buy.
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Main chart looks like this now where i highlighted 50.99 from first chart now hit.