Please excuse me for using candle charts and talking about bar chart reversals. I know many chart lovers prefer candlesticks unlike me and I try my best to overcome my bias for OHLC bar charts and publish candlestick charts instead. I am very comfortable with bar charts and the bar chart reversal signals. If I look at a candle chart, I still look for a bar chart reversal. An old fashion technician may sum my approach to TA.
To the point now. What did we get with ORA Daily Chart today ? A completed BULLISH COMPLEX PIVOT POINT REVERSAL turning it’s short term bias from bearish to bullish/neutral. Can it fail ? My word it can/may. Where did this BULLISH PIVOT happen ? At a long term demand line of weekly time frame. What do I do with it ? Utilise it for a long entry.What is my danger point which I want to see hold ? Low that made the pivot low on 17/11/2016 @ $2.65.
Stalking the pray (instrument in analysis) for days/weeks is very important part of this analysis game.
I will only publish the daily Chart of ORA showing the completed bullish complex pivot of today .
Wouldn’t it be nice to see a short covering rally over the next few days ?
Myself included, our ATAA Wyckoff Group members, here in Melbourne, will discuss this type of set ups at our next meeting on 5th of December in depth. Looking forward to it.
Disclosure : ORA held.
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