GBPCHF on the daily chart is testing a confluence zone between the weekly resistance and a descending trendline.
The price after a triple bottom over the monthly support started a bullish move with an impulse to the upside and retraced back to the 0.618 Fibonacci level.
How can we approach this scenario?
We will wait for the European market to open and check if the bulls will have enough strength to break above the resistance area.
In that case, we will move on the 4h timeframe and if the price will break and retest the structure we will check for the application of the Plancton academy rules to set a nice long order.
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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 a triple bottom over the monthly support started a bullish move with an impulse to the upside and retraced back to the 0.618 Fibonacci level.
How can we approach this scenario?
We will wait for the European market to open and check if the bulls will have enough strength to break above the resistance area.
In that case, we will move on the 4h timeframe and if the price will break and retest the structure we will check for the application of the Plancton academy rules to set a nice long order.
--––
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:
The market respected the confluence zone and a break never happen at the moment
Comment:
the price never provided the expected break