Basically this was a wonderful trade cause it was easy to identify, i will break down as follows:
So we had a nice continuation to downside until we saw huge bullish volume pushing price high cause of the positive CPI which indicate likelihood of interest rate high. So with the volume and break of neckline of the structure we see a nice indication of change of trend as show below
After breaking structure we saw price retrace to fib level 50% level which respect the triple bottom support and spike of huge bullish momentum this gave a clear indication of new highs so we waited for price to retrace to the neckline and entry for a buy to next liquidity level which is close to -0.27%
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So we had a nice continuation to downside until we saw huge bullish volume pushing price high cause of the positive CPI which indicate likelihood of interest rate high. So with the volume and break of neckline of the structure we see a nice indication of change of trend as show below
After breaking structure we saw price retrace to fib level 50% level which respect the triple bottom support and spike of huge bullish momentum this gave a clear indication of new highs so we waited for price to retrace to the neckline and entry for a buy to next liquidity level which is close to -0.27%
If you guys love this breakdown leave a comment below
