Quick Look at My Chart

I thought I would put up a graphic of my 1 hour chart which I use for determining mid-term support resistance and also for drawing most of my trendlines and weekly and daily pivot levels. I’ve included some text to describe what you are seeing. Notice that the alligator is contracting and could perhaps cross over signaling a reversal in direction. But keep in mind that the current trend is a slightly bullish one and we are in an upward channel for right now, so I continue to look for buy entries over sell entries. Also, you’ll notice that a hammer candlestick has formed from the previous candlestick and this is usually a good indication of a bullish reversal.