1. in the previous analysis we said that the price seems go down because of the HEAD & SHOULDER pattern, marked in white on chart.
2. THE RED LINE: this is a perfect line as a S&R line. as it is clear, the line is being touched as a reliable support for the first time. (long sign)
3. THE YELLOW LINE: this line is a beautiful S&R as the red one which can act strongly. (long sign)
4. THE GREEN LINE: this line has been our NECKLINE and a horizontal S&R line which has been crossed by the chart.
PUT THEM TOGETHER TO GET OUR CONCLUSION:
so, we have a nice intersection which we are always looking for that is marked in an elliptic purple zone. this zone is very strong because of the intersection between the two support lines which the price should have a violent struggle to pass it for in the first attempt.
we are look at this chart as a long opportunity for now. the target is the red line. from there we can get into a short position with a red line as our target too.
GET THE CONFIRMATION FROM H4.
IF THE PRICE PASSES THE ZONE, WAIT FOR THE TOUCH OF THE RED LINE FROM BOTTOM, THE GET THE SHORT.
2. THE RED LINE: this is a perfect line as a S&R line. as it is clear, the line is being touched as a reliable support for the first time. (long sign)
3. THE YELLOW LINE: this line is a beautiful S&R as the red one which can act strongly. (long sign)
4. THE GREEN LINE: this line has been our NECKLINE and a horizontal S&R line which has been crossed by the chart.
PUT THEM TOGETHER TO GET OUR CONCLUSION:
so, we have a nice intersection which we are always looking for that is marked in an elliptic purple zone. this zone is very strong because of the intersection between the two support lines which the price should have a violent struggle to pass it for in the first attempt.
we are look at this chart as a long opportunity for now. the target is the red line. from there we can get into a short position with a red line as our target too.
GET THE CONFIRMATION FROM H4.
IF THE PRICE PASSES THE ZONE, WAIT FOR THE TOUCH OF THE RED LINE FROM BOTTOM, THE GET THE SHORT.
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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.