Dont you love it when candles make love to trend lines, they just meander as expected and every piece fall into place? Thats the beauty of technical analysis. Poetry aside, a re-cap of what happened:
1- A steady EMA
2- Slow climb towards 10200
3- A breach of Resistance at 10200
4- A rejection almost to the T on the sloping resistance and the extrapolation of the first parabolic break
Whats next?
1- We will trade on the apex of the triangle most likely in a steady fall
2- Current Resistance at 10500 and falling, a clear break would take us towards 11000
3- Current Support at 10200
My take:
1- As long we keep above 10200 we are bound to break to the upside
2- Should we breach 10500, next major Resistance would be 10700
3- The current Resistance and Support difference is so tight its best to trade massively bearish only if you bearish or massively bullish only if you bullish, eliminate half of the problem and focus on one.
Word of Advice: This is not Financial Advice!
As always Trade Safely, Happy Trading
1- A steady EMA
2- Slow climb towards 10200
3- A breach of Resistance at 10200
4- A rejection almost to the T on the sloping resistance and the extrapolation of the first parabolic break
Whats next?
1- We will trade on the apex of the triangle most likely in a steady fall
2- Current Resistance at 10500 and falling, a clear break would take us towards 11000
3- Current Support at 10200
My take:
1- As long we keep above 10200 we are bound to break to the upside
2- Should we breach 10500, next major Resistance would be 10700
3- The current Resistance and Support difference is so tight its best to trade massively bearish only if you bearish or massively bullish only if you bullish, eliminate half of the problem and focus on one.
Word of Advice: This is not Financial Advice!
As always Trade Safely, Happy Trading
