Observation:
Price Action inside upward channel and now is going down at dynamic support.
Analysis:
Price Action will go inside the small upward channel, upward & downward slope copied from previous price action.
RSI overbought.
Conclusion:
High probability of price respecting dynamic support (blue line) and therefore go for long.
Strategy:
On Monday, wait for price action to come down to dynamic support (blue line) for a tighter stop loss. Observe candlestick formation and RSI value.
Price Action inside upward channel and now is going down at dynamic support.
Analysis:
Price Action will go inside the small upward channel, upward & downward slope copied from previous price action.
RSI overbought.
Conclusion:
High probability of price respecting dynamic support (blue line) and therefore go for long.
Strategy:
On Monday, wait for price action to come down to dynamic support (blue line) for a tighter stop loss. Observe candlestick formation and RSI value.
Note
Price moving as planned at Upward Channel (Small & Big)Acknowledge support level at 1.06024.
High probability of LONG.
Note
Price still moves inside the upward channel.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.