This will be my first analysis video. Feel free to add your commentary as I am still learning. I am by no means an expert. Today, we will be utilizing several methods for analysis. The more confirmations the better as we say in trading.
We will start from the monthly and work our way down. It is my understanding that the higher time frames filter out much of the noise in the market.
Starting from the monthly, we see that our bias is a sell.
And the weekly is also a sell bias, so they are in sync, or in harmony if you like.
We plot our support and resistance on the monthly and weekly TF. This can be somewhat subjective. It may also need adjustment when dropping down to the daily TF. Ideally, you will want at least 3 touching for each S/R level.
We then drop down to the daily TF.
Analysis on the daily chart.
So…While the bias is a sell, we are currently in a short uptrend. Price Action is above the 50 SMA. And we are also using the 8 EMA and 20 SMA for extra confluence. My feeling at this time is that the uptrend is probably short lived as the overall bias is a sell.
Dropping down to the 4 hr TF we see this:
You can see several things here. PA has already turned down, we are below the 50 SMA, The 8 EMA and 20 SMA have already crossed. We also appear to be in a range on the 4 hr. And we appear to have indecision on the daily chart.
Analysis. Not sure where it will go at this point. Thinking possibly a sell, or a sell stop below the consolidation.