We're tightening up in a rough and volatile descending triangle.
Sell and buy zones established by taking the first retracement and the lowest price point.
The top of the zone is the lowest price point in the range the last time the market retraced to this area.
If the price enters a zone, study price action to establish a reversal.
For a buy, I’d be looking for a cross over and close above the 50 MA on a minute resolution, stop clear of the lowest price point in the range.
To be conservative, I'd only add to the position once the price action has exited the zone.
Sell and buy zones established by taking the first retracement and the lowest price point.
The top of the zone is the lowest price point in the range the last time the market retraced to this area.
If the price enters a zone, study price action to establish a reversal.
For a buy, I’d be looking for a cross over and close above the 50 MA on a minute resolution, stop clear of the lowest price point in the range.
To be conservative, I'd only add to the position once the price action has exited the zone.