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Will be putting this one on the watch list @Patterns. Was a...

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Ash_Ra

1,200 Posts.

173

02/12/23

11:29

Post #: 71233217
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Originally posted by Patterns: ↑

5EA 0.305 one hour chart had an interesting week which might pay next week

Previous to this week in November there was a dump from the high of the month, then a pump back up to the high of the month
followed by a small pullback and another pump higher to the bottom of the supply level on the preceding Friday which was a failed breakout attempt which reset the high as a lower high.
Monday was an inside day between Friday,s high and low with a lower high
Tuesday the market continued to break and expand lower
Wednesday broke lower again and tested the demand level for support near the monthly lows and made a higher low when it reversed higher and spent the rest of the afternoon drifting sideways.
Thursday was a nothing day inside Wednesday's trading range
Friday was another inside day with price being compressed into a very narrow range

So now there is a descending line from the highs and an ascending triangle from the lows which should send price higher next week
If it becomes a parabolic trend trade there is a possibility of a 100% range expansion.

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Will be putting this one on the watch list @Patterns. Was a tricky one to read
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