For me, MDT is no longer Bullish since October 21. We have also never made a Weekly Trendshfit Bullish so it would never have been a buy according to what I always write. Weekly Chart: https://www.tradingview.com/x/ExLWWpxa/ Short explanation: First structural break in October 21. From here we assume a Bearishen correction at least below the 50% of the upward movement on a monthly basis.
Our Premium Entry Zone in the range 62% - 78% Retrace has given us no Bullishe reaction and no trend shift so for us no longer so really interesting. Then we break an important low which is also relevant for monthly basis. Monthly view: https://www.tradingview.com/x/5XEhKkBE/ Monthly trend shift is currently underway if we close the monthly candle below 75/72$. Then would be usually again the 62%-78% range interesting. Since I always orientate myself on volume and price action before the rise, the original accumulation zone (green box) and the order block lying in it including the point of controls (point of highest volume) is the most interesting for me. If we move there, an entry would be interesting for me after we have changed structure weekly/monthly depending on how the price action then looks. The monthly view is now based on the assumption that we break structure here. If we only sweep the Lows with a Wick, this is also a reversal scenario and we could also then already look for a Weekly Bullish Switch and dare an entry. Important always only after a structure confirmation.
Our Premium Entry Zone in the range 62% - 78% Retrace has given us no Bullishe reaction and no trend shift so for us no longer so really interesting. Then we break an important low which is also relevant for monthly basis. Monthly view: https://www.tradingview.com/x/5XEhKkBE/ Monthly trend shift is currently underway if we close the monthly candle below 75/72$. Then would be usually again the 62%-78% range interesting. Since I always orientate myself on volume and price action before the rise, the original accumulation zone (green box) and the order block lying in it including the point of controls (point of highest volume) is the most interesting for me. If we move there, an entry would be interesting for me after we have changed structure weekly/monthly depending on how the price action then looks. The monthly view is now based on the assumption that we break structure here. If we only sweep the Lows with a Wick, this is also a reversal scenario and we could also then already look for a Weekly Bullish Switch and dare an entry. Important always only after a structure confirmation.
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@TradingMelone many thanks for your detailed view 🤞🏽
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