Defining my trend in week to week. The reason is swing trading requires result to be seen within 1-few days. If the trend is too larger, then it does not serve the purpose of winning a trade based on trending situation. For example, there will be of little value if i was to long based on a year to year trend, while week to week it was showing down, and yet expect to take porfit within 1-3 days…
In this chart, since there was already 6 weeks up, I will assume that 7th ( current) week will print a higher low as well.
if I look for a retracement entry intraweek, I should have a very good chance to rejoin this trend.
Hence I am looking to use this 2 d1 pivot as support level to find signs of bullish candle to get long.
will update again.
waited 5 days but the hammer refused to come at the pre-identified support level. I felt good about this abandoned setuped as I demonstrated discipline to insist on the uptrend, but yet I stayed prudent and decided to wait only when there was a hammer to rejoin the trend. Perhaps next week the game will be on.