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K2 is a first test to the resistance of the downtrend Line.
It tried to break up the resistance but failed.
The supply pressure sharply increased at K2.
It seems that a consolidation around the downtrend line will start from K2.
I will try to buy it if the following candles successfully fall to test 0.5fib area in the next 5-6 candles.
On the other hand,
It is also possible that K3 break up the resistance immediately,
If K3 finally close upon the line,
I will also try to buy it.
K2 is a first test to the resistance of the downtrend Line.
It tried to break up the resistance but failed.
The supply pressure sharply increased at K2.
It seems that a consolidation around the downtrend line will start from K2.
I will try to buy it if the following candles successfully fall to test 0.5fib area in the next 5-6 candles.
On the other hand,
It is also possible that K3 break up the resistance immediately,
If K3 finally close upon the line,
I will also try to buy it.
Trade active
I tried to buy it at K3 if it close upon the downtrend line,
But unfortunately, K3 failed to verify my expectations.
After that,
The supply pressure at K4 dropped to a lowest level,
I bought it there with small positions.
Once again,
K5 failed to close upon the resistance which was an early bear gap area.
If the following candles fall to test the downtrend line,
It will be another good place to buy it around 0.264-0.382 fib area.
On the other hand,
If K6 close upon the resistance area,
It will be another good place to buy it there too.
I don’t think it is a good idea try to wait the market fall deep to test 0.5fib area.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.