Lets consider that all legends on this chart, the price and time axis were stripped off.
Would you be able to tell which instrument this chart represents....???
Very well, IBM Corp is an American multinational technology and consulting corporation, with headquarters in Armonk, New York. IBM manufactures and markets computer hardware, middleware and software, and offers infrastructure, hosting and consulting services in areas ranging from mainframe computers to nanotechnology.
I dont know the fundamentals of this Instrument, but Im trading THE CHART. And this is how I'd do it >>>>>>
TREND: Trend is Down. Uptrendline BO and a selloff.
KEY RESISTANCE ZONE ABOVE: 150
KEY SUPPORT ZONE BELOW: 130
Additionally, a Measured Move Target Sees Price @ 130 Near Term.
I'll follow up with a Daily, and 4H charts, where I discuss Risk,Trade Entry and Management