Hey guys,
I am getting really confused recently on how to identify if pair is still trending or if it’s reversing. Would u mind telling me, if pair on the picture is still considered as up trending? I can see HH, HL, HH and maybe next HL? Or is it more likely reversing due to strong bullish candles and down trending?
Thanks!
This one looks to have turned imo. Sometimes it helps to look at a higher timeframe to see how that’s trending
This is probably no longer an uptrend, however you define it, whether by using MA’s or trend-lines.
Or at least its no longer a tradable uptrend.
An uptrend is useful because the most likely thing that price will do next in a real uptrend is continue higher, either immediately or very soon. In this chart, the odds are probably about 50-50 whether price will go up or down, so if this is an uptrend, its a valueless uptrend.
as long it didnt broke the blue horizontal support you’ve mark on the chart
it is an uptrend
when it will break it through a candle closing below, it will be a downtrend. even if it retrace up side after breaking it because of bears taking profit (which will allow you a great shorting opportunity)
maybe you can use a trendline to know if trend changed and confirm your views. just draw a trendline and see if it broke it down
Add a 60 EMA to confirm it’s an upward trend that has probably retracted. Whatever, there’s little value in opening up a trade at this juncture as there’s no definitive encompassing candle pattern, or any downward support level breakthrough. Until that happens continue looking for a buying opportunity.
Yes, you are right it looks more of retracement to me as well.
Doesn’t look like an uptrend to me. Try using a trendline for keeping an eye on the changing trend. Good luck.
Hey you know you can simply follow the strategy of moving averages for identifying the trends, whether there’s any point of resistance and crossovers within the MA lines. In your case, there’s so much unpredictability that it hardly seems to be a lucrative deal. So uptrend or not, you should rather focus on other trading opportunities.