We took an entry off this support the other day, although still in a down trend we are optimistic of this retrace turning into a mid term reversal.
I can see a short term supply zone here between the 50-618 retracement from that last drop so imo thats going to be the area of interest to break, if we get indication that we cant push through we will drop our order and look for the next leg down for another entry, if it breaks through creating a higher high then this short term down trend could be coming to an end and we can continue to the upside in a much larger overall uptrend.
I can see a short term supply zone here between the 50-618 retracement from that last drop so imo thats going to be the area of interest to break, if we get indication that we cant push through we will drop our order and look for the next leg down for another entry, if it breaks through creating a higher high then this short term down trend could be coming to an end and we can continue to the upside in a much larger overall uptrend.
Trade closed manually:
BOOM, we did find some resistance at that first supply level but we broke through and hit final target for 10%.
Now looking to see if we build support on top of that previous supply creating a new HL and we could be trading this again
Now looking to see if we build support on top of that previous supply creating a new HL and we could be trading this again
Trade closed manually:
Still had some legs in it over night but hitting a level of supply now.
Volume is still up but oscillator pointing to a retrace so not sure if this is going to get rejected here or not as conflicting analysis.
Just gonna wait and let it decide but ideally looking for a retrace to get back in with a bigger bag.
Volume is still up but oscillator pointing to a retrace so not sure if this is going to get rejected here or not as conflicting analysis.
Just gonna wait and let it decide but ideally looking for a retrace to get back in with a bigger bag.