the price is testing an important support zone on the weekly support. After a daily breakdown, the price retested the previous support as new resistance and now the price is creating a descending channel on the weekly support and below the daily resistance.
The market starts with a higher high and higher low below the major daily resistance.
How we can approach it? We need to wait and see a clear breakout of daily resistance and descending channel, retest the previous resistance as new support. Only in that case we could apply the Plancton's rules to open a new long position.
@javadj2a, We need to wait and see a clear breakout of daily resistance and descending channel , retest the previous resistance as new support. Only in that case we could apply the Plancton's rules to open a new long position.
javadj2a
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@plancton0618, Thank you very much for your response