This monthly candlestick chart grid is part-two of a two-part idea, looking at possible scenarios for the month of February.
I have a way of looking ahead and visualizing multiple scenarios, by creating a fake candle on multiple monthly charts, shown here, then thinking about what price action would have to do to create the fake monthly candle (see the linked idea below). I focus mainly on trendlines on lower timeframe bar charts, to justify the potential highs and lows on the monthly candles. I have to make a complete guess as to where price will close at the end of the month.
The Desc Wedge Scenario, on the middle chart, would be created by price chopping lower for a couple of weeks, with possibly another quick flush to test or slightly break the lower line of the descending wedge (see linked idea - top right chart).
The Sym Tri Scenario, on the right-hand chart would be created by a symmetrical triangle on the 240 bar chart (see linked idea - bottom chart). Price could also easily re-test the most recent lows and change this to a descending triangle pattern, which would make the third scenario, detailed in the next paragraph, more likely to happen.
The No Buyers Scenario, on the left-hand chart, would be created by a break of the lower support trendlines, shown on the weekly bar chart (see linked idea - top right chart).
This is all speculation on future price movements, and anything can happen.
I have a way of looking ahead and visualizing multiple scenarios, by creating a fake candle on multiple monthly charts, shown here, then thinking about what price action would have to do to create the fake monthly candle (see the linked idea below). I focus mainly on trendlines on lower timeframe bar charts, to justify the potential highs and lows on the monthly candles. I have to make a complete guess as to where price will close at the end of the month.
The Desc Wedge Scenario, on the middle chart, would be created by price chopping lower for a couple of weeks, with possibly another quick flush to test or slightly break the lower line of the descending wedge (see linked idea - top right chart).
The Sym Tri Scenario, on the right-hand chart would be created by a symmetrical triangle on the 240 bar chart (see linked idea - bottom chart). Price could also easily re-test the most recent lows and change this to a descending triangle pattern, which would make the third scenario, detailed in the next paragraph, more likely to happen.
The No Buyers Scenario, on the left-hand chart, would be created by a break of the lower support trendlines, shown on the weekly bar chart (see linked idea - top right chart).
This is all speculation on future price movements, and anything can happen.
