Price has rallied and broke the resistant trendline. Although price closed with strong bullish momentum last week, we need to consider that the price is still within the ranging market on higher TF and we don't want to get caught up with bull trap.
Price currently retesting at the same key resistant level where historically it is the area where the price made several significant pullback. We need to find a clear setup where price might show us with counter trend movement by looking at multi-TF confluence. If it does not happen, then the overall bullish trend is still valid and we need to trade with major trend
Using simple entry technique
Step 1:
Waiting for the price to break the correction trendline (intraday chart)
Step 2:
Waiting for HL & LL structure (best to look for price to pullback after breakout happen)
Step 3:
Entry point after 2 items above has fully satisfied with SL above the highest candle. Use any indicator that suits you
* We may consider the price may retest the next level
Price currently retesting at the same key resistant level where historically it is the area where the price made several significant pullback. We need to find a clear setup where price might show us with counter trend movement by looking at multi-TF confluence. If it does not happen, then the overall bullish trend is still valid and we need to trade with major trend
Using simple entry technique
Step 1:
Waiting for the price to break the correction trendline (intraday chart)
Step 2:
Waiting for HL & LL structure (best to look for price to pullback after breakout happen)
Step 3:
Entry point after 2 items above has fully satisfied with SL above the highest candle. Use any indicator that suits you
* We may consider the price may retest the next level