Hi, friends.
XMR is in mini-consolidation with the range 285.5-308.5 .
If this balance goes up, we will see an upward movement to the level 330.
But If false break out happens and the price will return back into the balance you need to close position immediately. In this case we must wait the price on the other side of this consolidation.
Also, last @POCs of the week is below the current price, so we have a bull pressure.
Trade recommendation:
Entry point: 309 (Buy limit after break out)
Stop: 298
Target1: 330
Glossary of terms
XMR is in mini-consolidation with the range 285.5-308.5 .
If this balance goes up, we will see an upward movement to the level 330.
But If false break out happens and the price will return back into the balance you need to close position immediately. In this case we must wait the price on the other side of this consolidation.
Also, last @POCs of the week is below the current price, so we have a bull pressure.
Trade recommendation:
Entry point: 309 (Buy limit after break out)
Stop: 298
Target1: 330
Glossary of terms
- Point of Control (P O C) – The price level for the time period with the highest traded volume .
- Value Area (V A) – The range of price levels in which a specified percentage of all volume was traded during the time period. Typically, this percentage is set to 70% however it is up to the trader’s discretion.
- Balance - Accumulation Area.
- F L - flat level.
- T L - trend level.
- Fixing (fix, culmination) - reverse price reaction then the markets stops i'ts movement for a short time. The trend stops when it passes through 2-3 fixing movement.
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