Last night, it broke out of the and is now moving between the parallels i have tried to mark.
A good amount of scalping can be done using the parallels marked in the chart.
This chart is better for a scalper or a day trader, investors stay away!
All the marked parallels can be considered as S/R and price is expected to show some movement when approaching these levels.
Long/Short positions can be opened/closed accordingly. The color coding depicts the strength of the marked level.
Please take care to use indicators such as , , etc. while trading using these parallels.
I have not marked them on this since this chart can be used to trade in both directions i.e. long and short.
So, marking just overbought/oversold doesn't make sense.
P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal. Invest your capital at your own risk.
Keep an eye out. Trade safely. Always remember, money not lost is also a profit.
Good luck trading.!