Looking for an accumulation on a convergence with 2 trendlines
Simple idea ^^ 1H chart
We are in a range since may and we are looking for price to bounce off the lower level to capitalize on another leg upwards.
The downtrending trendline (in green) is likely to get a little manipulation where it would break the trendline then bounce back up quickly; because it has already been tested 5 times. If this would to happen, it would then bounce on the higher timeframe trendline that is going up, and that would form the bottom of the range and a good long opportunity with a good Risk/Reward.
If we don't see an accumulation there, it wont be a good setup because the overall trend is still to the downside; until proven otherwise.
We are in a range since may and we are looking for price to bounce off the lower level to capitalize on another leg upwards.
The downtrending trendline (in green) is likely to get a little manipulation where it would break the trendline then bounce back up quickly; because it has already been tested 5 times. If this would to happen, it would then bounce on the higher timeframe trendline that is going up, and that would form the bottom of the range and a good long opportunity with a good Risk/Reward.
If we don't see an accumulation there, it wont be a good setup because the overall trend is still to the downside; until proven otherwise.
Note
Euro tanked, so I am now looking for an accumulation at this area; filling the imbalance witch is just above a POC level:
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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.