-Today, we will share our view and the setup we aim to take if the conditions are appropriate.
-Currently, the price is on an ascending channel structure correcting from the Local high at 68.00. The lower zone of the correction was 57.00
We can see a lot of similarities with a past corrective structure on the same zone, after a huge rally from 42.00 to 66.00 (in the same way we had a huge rally from NOV 2020 - MAR 2021
-Our main objective right now is to develop a setup with similar characteristics to the previous situation. In this case, we have a clear corrective pattern (yellow line), and we want to see a breakout of that structure before trading. And after that? let's explain it with an image
-After the breakout, we want to see a small sideways movement (the same situation as in the past). IF that happens, we will trade on that sideways movement's breakout level (yellow symbol). The parameters of ENTRY /STOP / TAKE PROFIT are the ideal situation we are looking for. As the situation develops in our favor, we will update how we will execute this setup.
Thanks for Reading!
-Currently, the price is on an ascending channel structure correcting from the Local high at 68.00. The lower zone of the correction was 57.00
We can see a lot of similarities with a past corrective structure on the same zone, after a huge rally from 42.00 to 66.00 (in the same way we had a huge rally from NOV 2020 - MAR 2021
-Our main objective right now is to develop a setup with similar characteristics to the previous situation. In this case, we have a clear corrective pattern (yellow line), and we want to see a breakout of that structure before trading. And after that? let's explain it with an image
-After the breakout, we want to see a small sideways movement (the same situation as in the past). IF that happens, we will trade on that sideways movement's breakout level (yellow symbol). The parameters of ENTRY /STOP / TAKE PROFIT are the ideal situation we are looking for. As the situation develops in our favor, we will update how we will execute this setup.
Thanks for Reading!