Hello guys!
Price just created a textbook fakeout above the resistance zone, grabbing liquidity and quickly dropping back into the range!
Here’s what the chart is showing:
Price is still inside the ascending channel, but the breakout attempt failed
The MPL (maximum pain level) around $162.30 is the key downside target
Two possible paths:
I think the S2 is more probable!
Price just created a textbook fakeout above the resistance zone, grabbing liquidity and quickly dropping back into the range!
Here’s what the chart is showing:
Price is still inside the ascending channel, but the breakout attempt failed
The MPL (maximum pain level) around $162.30 is the key downside target
Two possible paths:
- S1: Direct drop from here toward the MPL
- S2: Another move up to retest the highs or form a lower high before the deeper drop
I think the S2 is more probable!
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
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.