We are currently in the area of decisions (green). Depending on which direction the price is moving in, the next resistance or support areas (gray) will be formed. Here are my current expectations where these areas are.
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To understand my chart here is a short explanation of my approach. I use self-developed indicators and combine them: 1. Blue Band: The blue band is a kind of Bollinger Band just advanced. The blue bands show the resistance resp. support areas. It is based on ALMA. Here, we trade from edge to edge over the middle line. And within the upper and lower area from edge to edge. 2. Orange Band: The orange band identifies dips and trend. The more the price moves to the outside, the more likely it is to be a dip. 3. Visible Range: In combination with VR, this allows the identification of the critical areas. 4. Oscillator: The oscillator is based on ALMA. It helps to identify divergences. 5. Strategy indicator (Arrows): The strategy indicator is based on interlinked moving averages and identifies the crossing of short-term and long-term moving averages. Here we work with LSMA and EMA. A special filter eliminates false crossings in horizontal trends and reduces so false trades.
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Let's see what happens. Happy trading. :-)
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in addition 15min view
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first S/R reached.
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more siteways and it could do one more dip to the S/R at 7700.