Hey SXP, feel free to continue the decline, I don't mind...
The price of SXP is between two strong daily S / R zones.
At the same time, we are below the TL signaling the Down trend and also below the EMA Daily 200, which also indicates the downtrend.
However, the current support has already tested 3 times and stopped the falling price. This may signal an upward reflection to test the trend line.
The most important thing is what happens inside the current hourly candle. We can find out if we switch to a lower time frame.
Ideal for entry according to our Price action strategy is the time frame M15, where we evaluate the current situation and decide accordingly whether to trade SXP.
At the same time, we are below the TL signaling the Down trend and also below the EMA Daily 200, which also indicates the downtrend.
However, the current support has already tested 3 times and stopped the falling price. This may signal an upward reflection to test the trend line.
The most important thing is what happens inside the current hourly candle. We can find out if we switch to a lower time frame.
Ideal for entry according to our Price action strategy is the time frame M15, where we evaluate the current situation and decide accordingly whether to trade SXP.
Trade closed manually:
As we predicted, SXP fall down near to 1.7 strong daily support. Our trade was successly closed as our students knows.