-The Price has recently broken a very strong Daily Resistance zone while forming an over-extended W formation
-After an over-extended W formation we will be expecting a retracement to neckline of the w formation,
in this case it is in the newly broken resistance which now turn support.
-this is an ideal structured scenario because after the market has broken the resistance zone we would really like to see for the new support to be tested
Trading Plan
- i will be looking for buy opportunity after the retracement (at the support zone)
- always look for confirmation for the market to shift from a bearish to a bullish market
TAYOR!
-After an over-extended W formation we will be expecting a retracement to neckline of the w formation,
in this case it is in the newly broken resistance which now turn support.
-this is an ideal structured scenario because after the market has broken the resistance zone we would really like to see for the new support to be tested
Trading Plan
- i will be looking for buy opportunity after the retracement (at the support zone)
- always look for confirmation for the market to shift from a bearish to a bullish market
TAYOR!
today's FRS announcement may disturb technical analysis due to unstable political changes. Be careful!
If price breaks the support zone, I will be looking for a short to the lower trendline,
however if the price shifts to a bullish pattern , I will definitely be looking for a LONG opportunity!