I'm new to TradingView and have only been researching for a few days so feedback is appreciated.
I believe simplicity is key here. I have seen so many analysis publications with 100 different colours and lines. Its just confusing!
I've marked my 4 Hour/1 Hour Support & Resistance lines (In Green & Red respectively) of which the wicks touching are highlighted with coloured arrows.
There is evidence of a reasonable bearish trend line, I've plotted it attempting to touch every wick where possible.
I anticipate price action will retest the trend line on its way down to the 1Hr support line.
Once the price action touches the 1Hr support line, it will be a satisfactory indicator for a BUY order with a TP somewhat near the 4HR Resistance zone and the SL just shy of the 4Hr Support Line.
I appreciate all feedback & criticism, so long as you bear in mind this is the 4th day I have been theorising Resistance & Support w/ Trendlines, I may be completely wrong, only time will tell!
I am a Premium Student of the Diamond Forex Academy; instagram.com/diamondforex/
My personal tutor is Masum, a Top Author on TradingView; uk.tradingview.com/u/masumhussain/
I believe simplicity is key here. I have seen so many analysis publications with 100 different colours and lines. Its just confusing!
I've marked my 4 Hour/1 Hour Support & Resistance lines (In Green & Red respectively) of which the wicks touching are highlighted with coloured arrows.
There is evidence of a reasonable bearish trend line, I've plotted it attempting to touch every wick where possible.
I anticipate price action will retest the trend line on its way down to the 1Hr support line.
Once the price action touches the 1Hr support line, it will be a satisfactory indicator for a BUY order with a TP somewhat near the 4HR Resistance zone and the SL just shy of the 4Hr Support Line.
I appreciate all feedback & criticism, so long as you bear in mind this is the 4th day I have been theorising Resistance & Support w/ Trendlines, I may be completely wrong, only time will tell!
I am a Premium Student of the Diamond Forex Academy; instagram.com/diamondforex/
My personal tutor is Masum, a Top Author on TradingView; uk.tradingview.com/u/masumhussain/