As it's a Sunday, I didn't trade much today. I did however check out the chart as a way to prepare for the week ahead.
This is what it looks like to me. Essentially It's creating an upward channel, so as long as it doesn't go below 21700, we might actually see a solid rally upward.
What does this mean?
Basically, the probability of success for long trades is higher during this kind of market environment. I will still be playing in the lower TFs and completely defensive in my plays for the week.
Watchlist?
None yet since everything I looked at seems to be on the uncertain area.
Credits
- Charts taken from Tradingview.com
- Images created using Canva.com