Hi traders it's good to be still alive and to be trading from time to time., Happy 2021! (hope is not late to wish ^^v)
alright let's dive to this post idea., I've mark 2 possible supply area to start trade short on the 3rd week of Jan 2021 . As we can identify on chart( you need to see it by yourself on your chart ) we have lowest price and highest price on 2021 on 2nd week of Jan 2021, and breaking prev lower high from May 2018. and price closing lower than that price level, and breaking off support that most likely to turn as Support Become Resistance. So before trade this using this idea please consider:-
1. 2 Supply Area
2. Support Become Resistance
Suggested SL level. on prev high (2nd Week of Jan 2021 High)
Suggested TP level. 1:1 RRR (risk reward ratio). if price goes lower we might have long term retracement till next month(or even more)
**Expecting the unexpected, Price make new high (if price still making new high)
*Trade type idea : Retracement
alright let's dive to this post idea., I've mark 2 possible supply area to start trade short on the 3rd week of Jan 2021 . As we can identify on chart( you need to see it by yourself on your chart ) we have lowest price and highest price on 2021 on 2nd week of Jan 2021, and breaking prev lower high from May 2018. and price closing lower than that price level, and breaking off support that most likely to turn as Support Become Resistance. So before trade this using this idea please consider:-
1. 2 Supply Area
2. Support Become Resistance
Suggested SL level. on prev high (2nd Week of Jan 2021 High)
Suggested TP level. 1:1 RRR (risk reward ratio). if price goes lower we might have long term retracement till next month(or even more)
**Expecting the unexpected, Price make new high (if price still making new high)
*Trade type idea : Retracement
Comment:
Here is an overall view of prev low to current price. trading reversal might be difficult to spot as seen on this screenshot bullish kept dominating the price.
