Market drop in progress towards Trend level at $1.00/$0.97 region. After which an intermediate bounce is expected.
Just an educational post to show how a confluence of technical elements can give a good trade with much higher probability. Also, because there is no good risk reward to this, I'm posting this as an educational material.
- Market reacted below desceding trendline resistance
- RSI (21) reacted below 53% resistance level and has entered bearish territory below 50% level.
- RSI (21) 53% resistance level is also where price has reacted many times in the past, as seen by the yellow arrows.
- Buying area finds confluence with fibo retracement and strong supply and demand level.
Just an educational post to show how a confluence of technical elements can give a good trade with much higher probability. Also, because there is no good risk reward to this, I'm posting this as an educational material.
Comment:
As expected, price dropped towards the buying area as expected. I would wait for a bounce reaction in this zone and enter my LONG position.
Comment:
Bullish divergence also noted now.
Trade closed: target reached:
Cleaning up my charts and trading ideas. This target was reached awhile back.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28