I believe to be successful in the analysis regardless of the timeframe you should breaking it down to pieces and manage it piece by piece:
1- A bull trend is a period of time in financial markets when the price of an asset or security rises continuously.
2- A sideways trend is the horizontal price movement that occurs when the forces of are nearly equal. This typically occurs during a period of consolidation before the price continues a prior trend or reverses into a new trend. A sideways price trend is also commonly known as a “horizontal trend.”
3- A breakout refers to when the price of an asset moves above a , or moves below a . Breakouts indicate the potential for the price to start trending in the breakout direction. For example, a breakout to the upside from a chart pattern could indicate the price will start trending higher.
4- A pullback is a temporary reversal in the price action of an asset or security. The duration of a pullback is usually only a few consecutive sessions. … Pullbacks can provide an entry point for traders looking to enter a position when other technical indicators remain .
5- Resistance occurs where an uptrend is expected to pause temporarily, due to a concentration of supply.
Now let’s review my trading setup published last week: