- Price made a resistance level which it failed to break & close above for many hours.
- Price did eventually smash through this strong resistance and touch daily resistance, before falling back on the weekly close.
- What I expect to happen now is a retest of this previous resistance level to grab liquidity to retest the highs at daily resistance.
- A long at new support should give a nice 2:1 Reward/Risk and possibly more if we can break daily resistance
- Price did eventually smash through this strong resistance and touch daily resistance, before falling back on the weekly close.
- What I expect to happen now is a retest of this previous resistance level to grab liquidity to retest the highs at daily resistance.
- A long at new support should give a nice 2:1 Reward/Risk and possibly more if we can break daily resistance
Comment:
Price didn't come down as far as the shown demand zone before bouncing higher. No retest, no trade