The price printed a huge red candle on the weekly timeframe and the market retested the previous resistance as new support.
On the daily timeframe, we can see a breakdown from an important daily resistance and the price retested as new resistance.
On 4h Timeframe the price is creating a pennant above the weekly support and below the daily resistance.
How to approach?
IF the price is going to have a breakout from the pennant and daily resistance, we can add to our watchlist and wait for apply our rules to open a new long position,
Otherwise if the price is going to lose the weekly support, we could see another leg down until the weekly dynamic support
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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.
Comment:
The price is following my drawing!
22% so far, wait for the breakout for more!
22% so far, wait for the breakout for more!
a clear 17% after the breakout and the price is following my drawing!