Hello everyone !
I'm say to sad that the volume we needed did not show up to break the current downtrend.
On the 1 hour chart we have crossed over to a brearish state again, and we can see the shape of a head and shoulders pattern appear.
We will go probably go down a bit, but the question is how much, and when to re-enter again.
I have mapped out some possible scenarios, or rather entry points to enter a long position again.
The first would be right above the blue dashed line, where we attempted a second attempt at 700.
The second entry point would be at the very bottom in the blue box, where we initiated the uptrend rally.
The third (pick your poison) could be anywhere inside the green box named 1-3 where bullish moves was made.
However, the most feasable option would be to verify a double bottom (this carries the least risk and most reward) at the low area end where we started the uptrend (purple line).
Good luck trading
I'm say to sad that the volume we needed did not show up to break the current downtrend.
On the 1 hour chart we have crossed over to a brearish state again, and we can see the shape of a head and shoulders pattern appear.
We will go probably go down a bit, but the question is how much, and when to re-enter again.
I have mapped out some possible scenarios, or rather entry points to enter a long position again.
The first would be right above the blue dashed line, where we attempted a second attempt at 700.
The second entry point would be at the very bottom in the blue box, where we initiated the uptrend rally.
The third (pick your poison) could be anywhere inside the green box named 1-3 where bullish moves was made.
However, the most feasable option would be to verify a double bottom (this carries the least risk and most reward) at the low area end where we started the uptrend (purple line).
Good luck trading