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Week 13: ZSK2021 Wait for a Support BreakLast week the highest price was just at $14.35 ... just a shy $0.05 away from our bomb shell. Anyway it was not triggered and it keeps going down after reaching $14.35 The market was closed at the SR Flip area at $14.00 (see on H4), it was doji and so far no buyers sighted in the market (Asian morning session). Here are the few scenarios : (1) Market bounce at SR Flip ($14.00), likely it will find the previous level which is at $14.09 If $14.09 is broken, it means the buyer is back in the market. (2) The price continues going to South, the last buyer defend was at $13.90 level. This is where we can place our Pending Order (Sell Stop); once it broke, the gravity will help to pull the price going even lower. (3) Certainly, the last scenario is ranging / sideways; this usually happen towards end of the month or a week before WASDE report release. The price may consolidate prior making a big move. This week, I will go for scenario #2 where I will place a Pending Sell Stop Order. Stop Loss is at $14.20 Pending Order (Sell Stop) is at $13.90 Take Profit is at $13.22 RRR: 2.27R If you are well versed in Price Action, we can take the opportunity to scalp during the week. Have a good weekend ahead, this week is a short week. If no clear setup, just avoid it, enjoy your Easter holiday.
CBOT:ZSK2021Short
by machintose
5
CHFJPY getting ready for a bullish move?The chart patterns present on the CHFJPY Daily tf are shown in this analysis with an inverted, complex Head and shoulder pattern (or inverted, complex Head and shoulders bottom) captured in this analysis between March 23, 2018 and till present date. A close above the neckline at ~112.21 confirms the pattern. Distance from the neckline (112.21) can be subtracted from the pivot used for the Head and then added to 112.21 on a break above the neckline to determine a likely end point for the bullish move based on the pattern (i.e. inverted, complex Head and shoulders bottom). Also shown in this analysis is a bullish price channel (in black) color that should be paid attention to as it also can be useful in determining resistance or supply area in the CHFJPY.
by Coin_Analyst