Chart setup, page-5

Hey Guys, happy Australia Day.

The below analysis is for the longer term traders/ investors as it's a weekly chart.

Completely missed this opportunity and pretty shitty about it as it's the perfect TA trading set-up IMO.
I'll explain why. He's a simple chart with just bollie bands and an 8ema on board. (it's all you need). After a downtrend for a few months the time to pay attention was when the SP began closing the weeks above the 8ema. Now there were a few teasing indecision candles amongst that to be careful about but the confirmed entry point was when the SP skipped above the bollie median level and is also confirmed by the MACD indicator. What has made this trade even better is that the SP wicked out above the upper bollie band (which is bad behaviour and generally gets a smacking) and then came back to retest the 8ema (yellow). Ideal.
The time to pay attention and maybe consider banking some profits will be when the SP closes the week below the 8ema. It will need to cool off at some stage.



Now for the daily action.
Yeah there's a couple of gaps ( .335 and .30 ) but they could be breakaway gaps and don't need filling. But only time will confirm that so no need worrying about it now, enjoy the momentum until it changes.
Currently the daily is trading in that beautiful range between the 8ema and the upper bollie band. Hopefully that continues for you guys but if there's a red candle close below that 8 then the bollie median comes into play. IMO.



I see the SP is testing highs of May 2021, even as far back as 2005 so this will be interesting, blue sky above that.



Enjoy it guys, don't forget to take some profits when suitable along the way.

Cheers