Price has officially broken below major support levels. If price forms a doji on the daily time frame, I'm going to be looking for price to trigger a sell limit at resistance as marked. Will be taking down to a potential double bottom. In turn, leading price back to the upside.
As you can see in the markup, I've given 4 confirmations that MUST be met to enter this trade. If price breaks, and does not retest our zone this trade is null.
Notice how price can either rise, break and retest our resistance as new support.. or price can break and retest our support as new resistance.
As you can see in the markup, I've given 4 confirmations that MUST be met to enter this trade. If price breaks, and does not retest our zone this trade is null.
Notice how price can either break and retest and continue our uptrend.. or price can pullback to our current support level and reject for a buy.
As you can see in the markup, I've given 4 confirmations that MUST be met to enter this trade. If price breaks, and does not retest our zone this trade is null.
As you can see in the markup, I've given 4 confirmations that MUST be met to enter this trade. If price breaks, and does not retest our zone this trade is null.
Also, take note of how this zone displayed was formerly a strong point of resistance.
Since price is in a downtrend I want to see price on GC pullback into my reversal zone, then if price rejects said zone and price is overbought on the Stoch.. I will sell to 1.70500 with my SL at 1.72050. Around 40 pip risk for 100 pip reward, depends on point of rejection. If price breaks and closes above my price reversal zone, this trade is null.
