MCG is now seeking a weekly & yearly low price, so far price has retracted to below 2 previous low weekly points (week 20 June 2022 & 6 September 2021), the next weekly low point R85.18.
Current weekly cycle is on week 47, previous week duration were 54, 26, 51, 41, on balance of probability we can say we are within 6 weeks to finding a bottom. The current daily cycle is close to a low so either we bottom now, if not we got about another 40-50 days meaning another daily cycle which brings COVID lows into focus & a test of the bottom support of the Pitchfork.
The parameters for entering long:
1. Close above the green line.
2. Close above the 10 week moving average (blue line)
3. Stop loss will be the low point of the weekly swing low price makes or your entry price so there's no loss of capital except trading fees.
This idea will be updated with further guidance as price action gives more pointers.
Current weekly cycle is on week 47, previous week duration were 54, 26, 51, 41, on balance of probability we can say we are within 6 weeks to finding a bottom. The current daily cycle is close to a low so either we bottom now, if not we got about another 40-50 days meaning another daily cycle which brings COVID lows into focus & a test of the bottom support of the Pitchfork.
The parameters for entering long:
1. Close above the green line.
2. Close above the 10 week moving average (blue line)
3. Stop loss will be the low point of the weekly swing low price makes or your entry price so there's no loss of capital except trading fees.
This idea will be updated with further guidance as price action gives more pointers.
Trade closed: stop reached
MCG triggered a stop loss, should now be in another cycle that is already failed but leading to a rebound into a new weekly cycle.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.