Captain_Walker
Short

How powerful can a zone of support be?

FX_IDC:CADNOK   CANADIAN DOLLAR / NORWEGIAN KRONE
2 years ago
CADNOK is considered by many to be an exotic or at least minor pair. I'm aleady short on this one with 1000pts in my favour. My bet was based on a possible triple top and trend line of peaks moving south on the weekly chart.

This 8H chart shows that price has hit a broad zone of support at least 9 times. The latest push down has been a seemingly determined one. I had to wonder how powerful zones of support are? Is there a probability that based on numbers of times struck that price will disrespect the zone of support (or resistance)?
a year ago
Comment: Interestingly this broad zone of support seems to be becoming a zone of resistance.
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