BP was stuck in a tight range from July 19 2010 to really April 21 2014 and has not been back to the range nor closed in it the range since 4/14/14.
The range i am talking about is 49.53 (high) to 34.46 (low).
49.53-34.46= 15.08 range.
Today the ichimoku gave a tenkan kijun cross to the upside.
By using the 15.08 rectangle price pattern this puts the market at $64.61
if you scale out to a weekly chart you will notice that the 64.61 price range lines up with a nice resistance level.
By scaling down to a daily chart to find an entry, and then macro managing the trade from a weekly chart can be down.
The range i am talking about is 49.53 (high) to 34.46 (low).
49.53-34.46= 15.08 range.
Today the ichimoku gave a tenkan kijun cross to the upside.
By using the 15.08 rectangle price pattern this puts the market at $64.61
if you scale out to a weekly chart you will notice that the 64.61 price range lines up with a nice resistance level.
By scaling down to a daily chart to find an entry, and then macro managing the trade from a weekly chart can be down.