AJ came back to a consolidation zone and at the bottom of a 4hr channel and we got the 50 MA rejecting + 80.000 psychological zone.A move back up would make alot of sense. We got 50 pips until a 80.500 strong zone. I would watch for that zone cause it could be making a head and shoulder pattern. It could be making the right shoulder so keep an eye on that level. NOW if we break down, we could be heading back in the consolidation zone and maybe hit the bottom of that zone.
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2 trend lines to look out for if we break up
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Here you can see we had a fake breakout of the 200 MA.
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1HR channel
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Here was that break-retest-reject
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We are in direction to the bottom of the range. If you took the trade, you in very good profit
Here you can see we had a fake breakout of the 200 MA.