Since June 2020, the price has been moving in a Wedge pattern between tapering support and resistance lines. At the same time, the price movement is quite sweeping. This is particularly influenced by the resistance line. The price had no more than three touches of this line and after each of them there was a collapse.
Not far from this line, a small resistance-support zone has also formed in the "body" of the pattern, which is regularly touched by the price. Right now, it is just at the upper border of this 80.3 zone - where it rallied after a slight pullback. So now I expect the price to come to the resistance line from this zone.
And then it collapses - as you can see on the chart, this has happened more than once. Therefore, our algorithm of actions is as follows: we wait until the price rises to the resistance line approximately to point 81.1. And then we open a sell deal!
I will never tire of reminding you of the importance of SL - set it above the resistance line in case of a correction around 81.9.
Traders, if you liked this idea or have your opinion on it, write in the comments. I will be glad👩💻
it's going to stop lose i guess if it don't touch it and next bar moving down away of sl take a new deal from this area near stoplose .. i that right ?!
WhiteKnight22
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definitely
erikvio02
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I like it. It has a little Elliot wave going for it, too. 6H. Thanks!
aleksich79
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Very hard work. Thanks for the premium-grade materials. Upvoted