DOT/USDT - key area?, Head and shoulder?
Hi all,
as you can see we have the DOT/USDT, the higher and overall time frame shows this in a bearish movement, indicated by the downward red line. once price gets into 'key area B' we can wait for a consolidation or buy/sell signal (on a smaller time frame) to enter the trade. I also see a H+S but this is in the middle on a trend - I would think diffrentley if this was at a end of a pattern (depends what you class as a head and shoulders) which could be signs of a reversal at the major trendline(on a higher time frame). so I have plotted 2 outcomes depending on price action..
If the trade is bearish I have put 'Take Profits' at key areas if looking left,
if the trade is bullish I have marked 'Key Area A' which we could see another consolidation - taking the price either way so once price gets into 'key area A' we can wait for a consolidation or buy/sell signal (on a smaller time frame) to enter the trade.
** THIS IS MY OWN OPINION AND NOT FINANCIAL ADVICE - THIS IS FOR EDUCATIONAL PURPOSES AND MYSELF AND OTHERS TO SHARE KNOWLEDGE ABOUT TRADING **
Good luck to all and trade safe!
L
as you can see we have the DOT/USDT, the higher and overall time frame shows this in a bearish movement, indicated by the downward red line. once price gets into 'key area B' we can wait for a consolidation or buy/sell signal (on a smaller time frame) to enter the trade. I also see a H+S but this is in the middle on a trend - I would think diffrentley if this was at a end of a pattern (depends what you class as a head and shoulders) which could be signs of a reversal at the major trendline(on a higher time frame). so I have plotted 2 outcomes depending on price action..
If the trade is bearish I have put 'Take Profits' at key areas if looking left,
if the trade is bullish I have marked 'Key Area A' which we could see another consolidation - taking the price either way so once price gets into 'key area A' we can wait for a consolidation or buy/sell signal (on a smaller time frame) to enter the trade.
** THIS IS MY OWN OPINION AND NOT FINANCIAL ADVICE - THIS IS FOR EDUCATIONAL PURPOSES AND MYSELF AND OTHERS TO SHARE KNOWLEDGE ABOUT TRADING **
Good luck to all and trade safe!
L
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