GMX - Bullish Trigger

Updated

Resistance in red zone. Support in green. Right now we're crabbing between zones.

- If it closes 4h candles above resistance, it's poised to run to new ATHs.
- If it closes 4h candles below support, it probably drops to new local lows.

Note

Sure enough, the resistance was hit, but there was no 4h close above. Bulls couldn't pierce through or sustain the price above. Their demonstrable weakness led to the bears taking over.

The plan remains the same.

Note

resistance hit for 5th time and rejected. Bears must be getting exhausted. I have more confidence in idea that if it does close a 4h candle above, it should run hard.

Note

We got a 4h close above resistance. I think it's fine if it retests it, but it shouldn't close below it.

As things stand, after testing this level 6 times over the course of 3 weeks, it should really run. If it doesn't and starts closing back below that level, I see it as very bearish.

Note

Well, it's running like I thought it would after closing above resistance. All I can say now is

Don't. Scam. Me. Now.
Don't. Scam. Me. Now.
'Cause I'm having a good time
Having a good time
GMX is a shooting star,
leaping through the sky like a tiger
Defying the laws of gravity
It’s a racing car, passing by
like a bear survivor
It’s gonna go, go, go, no stop loss for me

Note

Scam = close below support/resistance line marked in the red zone.

Note

We did get a 25% pump after breaking through resistance at 48, and now retested it and looks like support.

Once again, if that level breaks, it's lights out.

fritzz

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