The price broke down invalidating our previous trade. Currently it is bouncing from 4h support 4HS1, and I have taken a small position here which I will close around 65000. The price is approaching towards daily support zone DS1 on this drop. This is a broad zone. However, the more robust area is the mid of the zone marked in dark green shade. I think the price has a high probability of bouncing from the dark green zone. I will take a long from the green zone scaling more into as it goes deeper there.
Comment:
The price has finally reached to the dark green zone inside the daily support zone DS1. We talked about this dark green zone being the core of this daily support and a good place to go long. The price is already bouncing from that support. I believe we will have some upward movement now and the price shall reach our target. Lets see how it plays out.
Comment:
A new 4h reisstance 4HR has popped up due to recent price action overnight. This has also been added and marked on the chart below. Therefore, this resistance is going to create some struggle for the price to cross it. I believe this resistance zone 4HR will cause the price to pullback from there and that insinuates me to take some profit when the price is in this zone. I believe that the price will go further higher but after a pullback and therefore, I will add to the position again when the pullback is there.
Comment:
As mentioned, the 4h resistance 4H did its job and pushed the price down significantly. As per our plan we had booked some profit in the 4HR zone and were waiting for a pullback from that resistance zone. We got a pullback and I have added some size from hourly support HS1.
Comment:
Anyways, price straight went into the 4h resistance zone 4HR1 and to our target zone. I have offloaded the whole position and will look for the next opportunity. It was a good trade with a few sub trades inside this major trade as well compounding the profit. Hope some of you took this trade as well. If you did, let me know.
