A possible trade for next week forming. Price has made a strong bearish impulse lower with a wicked candle. Price action looks to be forming an expanding pattern ,with a third touch of the top structure a possible next destination. I would be looking for price to consolidate first and an entry may become available within the support zone . One I will be watching for the week ahead.
Very nice to see how you charted this (such a clean layout btw!). I just came to very similar conclusions. The only thing I am not sure about is whether to wait for the price to become available in the support zone, or go for the trade directly after market open as the signals are clearly bullish. What's your take?
ANDYG90
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@Trading-Guru, Yeah this is something that I am wondering myself and sometimes struggle with. Firstly I will wait for price action after open to see, I believe it will move higher first, I would like to see another retest of that zone but I know that may not happen. If it doesnt here is another forecast below, I believe this could play out, with other opportunities to enter.
Trading-Guru
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@ANDYG90, Nice! I like this idea. The mini support region is an important level indeed, I think I will wait for the market open to see if it either retraces to the bottom support zone, giving a buy opportunity - or if it doesn't wait until the price reaches the mini support region and decide whether it will continue the trend for another long opportunity.