Good Afternoon,
As you can see from the chart annotations price is approaching the short term descending trend line and we could expect to see price bounce off this back down to the ascending trend line and/or a level of support below it.
However if price breaks out to the upside I will wait for price to come back down and retest the old descending trend-line that would turn into support for price and enter a long position to the level of resistance above price that is marked on the chart.
I have colour coded the arrows:
Green - is the arrows showing potential breakout and long trade
Red - is the arrows showing potential bearish move
Let me know what you think!
As you can see from the chart annotations price is approaching the short term descending trend line and we could expect to see price bounce off this back down to the ascending trend line and/or a level of support below it.
However if price breaks out to the upside I will wait for price to come back down and retest the old descending trend-line that would turn into support for price and enter a long position to the level of resistance above price that is marked on the chart.
I have colour coded the arrows:
Green - is the arrows showing potential breakout and long trade
Red - is the arrows showing potential bearish move
Let me know what you think!