The bull camp has been yelling "double bottom!!!" since a couple days ago; however, the failure of the price to make a new high seems to develop a variance of descending triangle which is usually an indication of trend continuation.
At best; as long as the price remains within the two immediate trendlines, neither the bulls nor the bears could claim victory....
One of the important trading rules says "Always assume the underlying trend to continue unless proven otherwise." Hence, I went short at the price rejection by the upper trendline and have already covered my position. Below is the H4 chart as of 8 pm Malaysia.
At best; as long as the price remains within the two immediate trendlines, neither the bulls nor the bears could claim victory....
One of the important trading rules says "Always assume the underlying trend to continue unless proven otherwise." Hence, I went short at the price rejection by the upper trendline and have already covered my position. Below is the H4 chart as of 8 pm Malaysia.
0 comments:
Post a Comment
You are welcome to post comments. However, please do not use Anonymous as your ID. At least, put in your initials for easy reference in further conversations.