This pair is starting to form a symmetrical triangle, but its hard to guess a direction (for me) yet. I'm not looking at any macro factors, but it appears that we are starting to round out a bottom here, so the possibility of moving higher is what I'm leaning towards.
I like this pattern because it has a longer duration (prevalent on Weekly as well) than trading the smaller time frames. Does this mean the signal is stronger? Who knows, I won't be set in stone on a direction, so I'll be patient and see which way the market wants to move. My attempt is to post these set ups earlier, rather than be the trader that posts after he/she already made the trade.
I like this pattern because it has a longer duration (prevalent on Weekly as well) than trading the smaller time frames. Does this mean the signal is stronger? Who knows, I won't be set in stone on a direction, so I'll be patient and see which way the market wants to move. My attempt is to post these set ups earlier, rather than be the trader that posts after he/she already made the trade.
