The market that did a retracement yesterday, has reached at the resistance area at 1765.00, through this indicator what is the potential to be done today?
I see the current chart which is in the resistance area as well as at the current price of the candlestick showing the reaction of the beginning of the downtrend as the engulfing candle has already taken place. In addition, yesterday's price also tested the trendline area where there is a confluence at the price of 1765.00
From this probability, I think that the market is able to decline again because in the major timeframe the price is still dominated by the downtrend, and the rise that happened yesterday was just a retracement that happened. This allows long -term trading to be done.
Followed by effective trade management. If I were the one doing this trade, I would choose a risk reward of 1: 5 if the market really was gaining momentum. Because keep in mind that the market is still in the horizontal zone from last week, if yesterday’s low price is successfully broken then, the market is able to continue the stronger downtrend.
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