ENG Long, Volume Profile, Trends Analysis
Here I take a look at the ENG chart, using Volume Profile and drawing some trends. We may have already completed waves 1234 of an elliott cycle.
Strong volume at current price levels from previous days and the correction we just went through creating a higher low supports the potential break out that is forming. Let's see if we can go for a retest and possible break of our first resistance.
Enigma!
Happy trading!
***Always practice risk management, the future is unknown***
Strong volume at current price levels from previous days and the correction we just went through creating a higher low supports the potential break out that is forming. Let's see if we can go for a retest and possible break of our first resistance.
Enigma!
Happy trading!
***Always practice risk management, the future is unknown***
Note
At the time of writing this, price was at 27500. Price already broke 28, towards the profile high (highest price in the volume profile).We may retrace back to the point of control (price with the most volume) before a retest of higher resistance, or just break right through.
Either way, this seems a decent trade setup at the moment.
I would place my stop at 24500
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.