Today we will take the last year of price quotation and we will work on all the relevant levels we will e paying attention
a) The main aspect we can see are the exteriors support and resistance levels (these are our framework)
b) Inside our range, we can draw a trendline that may work as a relevant support level. From there, we can expect a bounce and the following correction (Trading Opportunity 1). As we are breakout traders, these corrections are what we are looking for before entering the market
c) If the price breaks the previously mentioned level, we will aim to see the price on the next support level (lower zone of our range) at 35USD. From there, we will expect the same sequence: bounce + the following correction.
d) Both trading opportunities will share the same target 64USD, however, it is important to mention the inner resistance level at 56.00 USD (there we should be open to possible corrections)
e) Final Idea: Remember, the best way of developing high-quality setups is by waiting for the price to reach high-quality zones. Working setups from there increase your odds of success
Thanks for reading!
a) The main aspect we can see are the exteriors support and resistance levels (these are our framework)
b) Inside our range, we can draw a trendline that may work as a relevant support level. From there, we can expect a bounce and the following correction (Trading Opportunity 1). As we are breakout traders, these corrections are what we are looking for before entering the market
c) If the price breaks the previously mentioned level, we will aim to see the price on the next support level (lower zone of our range) at 35USD. From there, we will expect the same sequence: bounce + the following correction.
d) Both trading opportunities will share the same target 64USD, however, it is important to mention the inner resistance level at 56.00 USD (there we should be open to possible corrections)
e) Final Idea: Remember, the best way of developing high-quality setups is by waiting for the price to reach high-quality zones. Working setups from there increase your odds of success
Thanks for reading!