MAKE THE CHART SIMPLE AS MUCH AS POSSIBLE.
1. THE GREEN LINE: is a monthly trend that the price has started to decline after touching it.
2. THE RED LINE: the chart could pass this line that was a resistance line. now it's ready to change its function to the support line.
3. THE YELLOW LINE: this line was a weekly down trend line (resistance line) which recently has been crossed by the chart. it is expected to be a support line for the next touch.
CONCLUSION: the elliptic zone is an intersection between the two support lines that probably will be the reason for the price increase.
CONFIRMATION FROM H4.
we always have a second plan. if the price crosses the zone we will look for a short after getting confirmation.
1. THE GREEN LINE: is a monthly trend that the price has started to decline after touching it.
2. THE RED LINE: the chart could pass this line that was a resistance line. now it's ready to change its function to the support line.
3. THE YELLOW LINE: this line was a weekly down trend line (resistance line) which recently has been crossed by the chart. it is expected to be a support line for the next touch.
CONCLUSION: the elliptic zone is an intersection between the two support lines that probably will be the reason for the price increase.
CONFIRMATION FROM H4.
we always have a second plan. if the price crosses the zone we will look for a short after getting confirmation.
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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.
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.