EURAUD on the 4h chart is moving in a descending retracement channel.
The price after the attempt to break above the weekly resistance tested the 0.5 Fib level and moved to the upper trendline of the channel.
How can we approach this scenario?
We will wait for the market to break the channel and move over the weekly resistance, in that case, will start to check for a possible retest of the structure and set a nice long order according to the Plancton academy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price after the attempt to break above the weekly resistance tested the 0.5 Fib level and moved to the upper trendline of the channel.
How can we approach this scenario?
We will wait for the market to break the channel and move over the weekly resistance, in that case, will start to check for a possible retest of the structure and set a nice long order according to the Plancton academy rules.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment:
a break of the flag and of the structure as expected!
Comment:
the market carries on with the bull run to the upside
Comment:
after the test of the resistance the market is retracing to the support area