the price is testing an important support zone on the weekly support.
After a daily breakdown, the price retested the previous support as new resistance and now the price is creating a descending channel on the weekly support and below the daily resistance.
The market starts with a higher high and higher low below the major daily resistance.
How we can approach it?
We need to wait and see a clear breakout of daily resistance and descending channel, retest the previous resistance as new support. Only in that case we could apply the Plancton's rules to open a new long position.
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Follow the Shrimp 🦐
Keep in mind.
After a daily breakdown, the price retested the previous support as new resistance and now the price is creating a descending channel on the weekly support and below the daily resistance.
The market starts with a higher high and higher low below the major daily resistance.
How we can approach it?
We need to wait and see a clear breakout of daily resistance and descending channel, retest the previous resistance as new support. Only in that case we could apply the Plancton's rules to open a new long position.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.