BAT - Top-Down Analysis!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
WEEKLY: Right Chart
BAT is overall bullish trading inside the brown channel.
and now BAT is sitting around the lower brown trendline acting as non-horizontal support, so we will be looking for buy setups on lower timeframes.
DAILY: Left Chart
BAT broke above our blue wedge pattern and it is currently stuck inside a consolidation in the shape of an inverse head and shoulders pattern.
Trigger => For the bulls to take over, we need the right shoulder to form, then a momentum candle close above the gray neckline.(projection in purple)
Meanwhile, until the buy is activated, BAT can still trade lower until the horizontal green support. In this case, we will be looking for new buy setups on lower timeframes.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
