Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
WEEKLY: Left Chart
KCS broke below our 10.0 support zone so we have got two possible scenarios now.
H1: Right Chart
Scenario 1: For the bulls to take over again and reclaim the support, we need a break above the 10.0 and last major high in gray. In this case a movement till the upper resistance 15.0 would be expected.
Scenario 2: Meanwhile, until the bulls take over as per scenario 1, the bears would be in control trading inside the red wedge pattern and a movement lower will be expected till the next support 5.0 - 7.0
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
WEEKLY: Left Chart
KCS broke below our 10.0 support zone so we have got two possible scenarios now.
H1: Right Chart
Scenario 1: For the bulls to take over again and reclaim the support, we need a break above the 10.0 and last major high in gray. In this case a movement till the upper resistance 15.0 would be expected.
Scenario 2: Meanwhile, until the bulls take over as per scenario 1, the bears would be in control trading inside the red wedge pattern and a movement lower will be expected till the next support 5.0 - 7.0
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal