I use pure price action to plot my speedlines and NOT the Fibonacci fan or the more common speed resistance line approach in investing. Get web link from profile to learn more about price action speedlines.
Bullish reversal pattern right below the weekly speedline, might be a good indication that the sell-off is done and buyers are getting back in. Use lower timeframes for entry and stop-loss placement and if you enter then track the price with a trailing stop-loss (manual or automated) I prefer to use a manual trailing stop-loss.
Alternative setup: A break below the bullish reversal candlestick might offer a short opportunity trading against the major trend direction. Trading against a trend is more for experienced traders as it is associated with another set of risk.
happy trading.
Bullish reversal pattern right below the weekly speedline, might be a good indication that the sell-off is done and buyers are getting back in. Use lower timeframes for entry and stop-loss placement and if you enter then track the price with a trailing stop-loss (manual or automated) I prefer to use a manual trailing stop-loss.
Alternative setup: A break below the bullish reversal candlestick might offer a short opportunity trading against the major trend direction. Trading against a trend is more for experienced traders as it is associated with another set of risk.
happy trading.
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Price consolidating around the speedline support, will take the high and low of this consolidation in account for lower timeframe trading, with higher timeframe speedlines as possible areas where price might go to.
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Still have a lower speedline support in place. Will share look at a lower timeframe for more price action clues when UK market open.
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Price is slowly creeping to the lower up trendline (support).
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Price reached lower up trendline, formed a bullish reversal candlestick, before pulling back higher. The pullback up was not much but enough the make some profits with lower time frame trade entries.
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At this point it looks if the price is heading back higher to the speed resistance line.
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Price reached the speed resistance line as anticipated.