Long XW1!
TA:
More accurate entry into the trade is possible when the upper border of the blue zone is broken (Screenshot attached).
On the weekly timeframe, you can select 2 trend zones 23.07.12 to 08.08.16 and 09.08.16-28.09.20, the first trend zone is expressed by a price decline and a long-term downtrend (highlighted in red), the second zone is a price consolidation zone after a fall, and this zone can also act as an accumulation zone (highlighted in yellow). Since the consolidation zone was first formed by a new historical price low and lasted for a long period with constantly increasing min/max in the consolidation zone, I can conclude that it was an accumulation zone, after which in theory an uptrend begins (green zone) (Screenshot attached).
In the consolidation zone, due to rising by a small difference from the previous min/max, a channel was formed through which the accumulation zone passed, 12.10.20 this channel was broken. The initial attempt to gain a foothold above the channel was unsuccessful, but after repeated testing of the channel, the price again turned out to be above the resistance level of the channel, I can interpret this as the strength of buyers.
The output of the channel completely changes the dynamics of price movement with 09.08.16 because now the new maximum is much higher (compared to the update min/max in the consolidation area), therefore if to fix above channel does not work, then next low will be as much higher than the previous one, maybe he will be on the newly formed local trend support (Screenshot attached).
The possible take zone was determined using three fibonacci levels, the global, trending descending fibo level and the fibonacci level to determine the take price (orange zone) (Screenshot attached).
Other scenarios of development of events are also defined, with the exception of the first successful scenario (orange path), 2 other local options are highlighted:
1. Red way - it is impossible to gain a foothold above the channel resistance level and the price is adjusted to a new level of local trend support, after which it is sent to the channel resistance retest by rebound.
2. Red way - to gain a foothold above the resistance level of the channel does not work and the price is adjusted to the new level of local trendline of support, if we hold this support failed, price is free to fall to the support boundary of the channel, where you can gain solid purchase.
The stop zone can be determined based on the actions performed, in case of opening a trade on the breakout of the blue zone, the stop can be placed for the support level(former resistance) of the channel or for the level of local trend support.
Globally growing XW1! it can be higher than the specified take, it is possible to increase to the previous highs (947'0).
TA:
More accurate entry into the trade is possible when the upper border of the blue zone is broken (Screenshot attached).
On the weekly timeframe, you can select 2 trend zones 23.07.12 to 08.08.16 and 09.08.16-28.09.20, the first trend zone is expressed by a price decline and a long-term downtrend (highlighted in red), the second zone is a price consolidation zone after a fall, and this zone can also act as an accumulation zone (highlighted in yellow). Since the consolidation zone was first formed by a new historical price low and lasted for a long period with constantly increasing min/max in the consolidation zone, I can conclude that it was an accumulation zone, after which in theory an uptrend begins (green zone) (Screenshot attached).
In the consolidation zone, due to rising by a small difference from the previous min/max, a channel was formed through which the accumulation zone passed, 12.10.20 this channel was broken. The initial attempt to gain a foothold above the channel was unsuccessful, but after repeated testing of the channel, the price again turned out to be above the resistance level of the channel, I can interpret this as the strength of buyers.
The output of the channel completely changes the dynamics of price movement with 09.08.16 because now the new maximum is much higher (compared to the update min/max in the consolidation area), therefore if to fix above channel does not work, then next low will be as much higher than the previous one, maybe he will be on the newly formed local trend support (Screenshot attached).
The possible take zone was determined using three fibonacci levels, the global, trending descending fibo level and the fibonacci level to determine the take price (orange zone) (Screenshot attached).
Other scenarios of development of events are also defined, with the exception of the first successful scenario (orange path), 2 other local options are highlighted:
1. Red way - it is impossible to gain a foothold above the channel resistance level and the price is adjusted to a new level of local trend support, after which it is sent to the channel resistance retest by rebound.
2. Red way - to gain a foothold above the resistance level of the channel does not work and the price is adjusted to the new level of local trendline of support, if we hold this support failed, price is free to fall to the support boundary of the channel, where you can gain solid purchase.
The stop zone can be determined based on the actions performed, in case of opening a trade on the breakout of the blue zone, the stop can be placed for the support level(former resistance) of the channel or for the level of local trend support.
Globally growing XW1! it can be higher than the specified take, it is possible to increase to the previous highs (947'0).
Comment:
Screenshot.
Using three fibonacci tools.
1 - Fibo to determine the possible price.
2 - Local fibonacci levels.
3 - Global fibonacci levels.
Green zone - a zone formed by a combination of fibonacci levels.
Using three fibonacci tools.
1 - Fibo to determine the possible price.
2 - Local fibonacci levels.
3 - Global fibonacci levels.
Green zone - a zone formed by a combination of fibonacci levels.
Comment:
Screenshot.
Use Of trend zones.
The red area is the area of the downtrend.
Yellow zone - consolidation/accumulation zone.
Green zone, the zone of the uptrend.
Use Of trend zones.
The red area is the area of the downtrend.
Yellow zone - consolidation/accumulation zone.
Green zone, the zone of the uptrend.
Comment:
Screenshot.
The use of highs/lows, the local trend support level of the channel.
The beginning of the consolidation/accumulation zone is marked with ticks, the channel is built according to the min/max levels above the previous ones, the formation of local support on the change in dynamics.
Arrows indicate possible scenarios described in the main post.
The use of highs/lows, the local trend support level of the channel.
The beginning of the consolidation/accumulation zone is marked with ticks, the channel is built according to the min/max levels above the previous ones, the formation of local support on the change in dynamics.
Arrows indicate possible scenarios described in the main post.
Blue zone, the zone for determining the entry to the trade.
(622.375 - 639)