1. PURPLE ZONE: strong horizontal zone. If we extend this zone to the left (past of the market) we'll see that it is very reliable zone.
2. in the previous analysis we said that the price seems to go down because of the HEAD & SHOULDER pattern, marked in white on chart.
3. THE RED LINE: this is a perfect line as an 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. THIS COULD BE THE TIME FOR A PULLBACK TOWARD THE GREEN LINE IN ORDER TO RETEST THE NECKLINE OF H&S PATTERN.
PUT THEM TOGETHER TO GET OUR CONCLUSION:
so, we have a nice intersection that 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 and also our purple horizontal zone, all acting as support and the price should have a violent struggle to cross it, in her first attempt.
we are looking at this chart as a long opportunity for now.
1ST TARGET IS GREEN LINE
2ND TARGET IS THESHOULDER OF THE H&S PATTERN
and the 2nd one is the shoulder of the pattern. from there we can get into a short position.
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.
>>>remember this is just an idea<<<
2. in the previous analysis we said that the price seems to go down because of the HEAD & SHOULDER pattern, marked in white on chart.
3. THE RED LINE: this is a perfect line as an 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. THIS COULD BE THE TIME FOR A PULLBACK TOWARD THE GREEN LINE IN ORDER TO RETEST THE NECKLINE OF H&S PATTERN.
PUT THEM TOGETHER TO GET OUR CONCLUSION:
so, we have a nice intersection that 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 and also our purple horizontal zone, all acting as support and the price should have a violent struggle to cross it, in her first attempt.
we are looking at this chart as a long opportunity for now.
1ST TARGET IS GREEN LINE
2ND TARGET IS THESHOULDER OF THE H&S PATTERN
and the 2nd one is the shoulder of the pattern. from there we can get into a short position.
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.
>>>remember this is just an idea<<<
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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.