On the daily and depending on the close of current candle there is a potential engulfing candle signalling a long entry on my day trade strategy. You can see prior posts for more details.
Interesting to note in the larger picture is the developing wedge. The three strikes to the bottom of the wedge could be a slanted triple bottom. Lower lows could be seen as bearish but another prospective is with lower highs would mean anyone that has entered short in this down trend is likely to still be in the trade if they have not set a target price. Trailing stops would build in these areas.
the current engulfing trade would break a minor trend line but not break the close pervious high. If the entry does confirm on the close of the candle then I may look at moving stop to break even rather than exiting if price was to hit the target the n exit from a lower time frame encase price does push through those levels marked on the chart.
Interesting to note in the larger picture is the developing wedge. The three strikes to the bottom of the wedge could be a slanted triple bottom. Lower lows could be seen as bearish but another prospective is with lower highs would mean anyone that has entered short in this down trend is likely to still be in the trade if they have not set a target price. Trailing stops would build in these areas.
the current engulfing trade would break a minor trend line but not break the close pervious high. If the entry does confirm on the close of the candle then I may look at moving stop to break even rather than exiting if price was to hit the target the n exit from a lower time frame encase price does push through those levels marked on the chart.