GFM
recently broke through the previous all-time high. It struggled at first as the buyers were trying to gain some ground and as they found their footing, the momentum to the upside kicked in and we may be seeing the beginning of an impulse uptrend.
The Daily chart (not shown) is using the 50 simple moving average as support as it makes higher highs.
When price hesitated at the previous all-time high some traders may have doubted whether price would continue higher but simply looking at the 50 sma would help to identify it as a support area which would assist price to advance higher.
Using simple tools such as moving averages in the correct way will put you in a prime position to take advantage of opportunities in the markets and help to understand market structure.
If the first breakout was missed then we just have to be patient for the next opportunity and we must not chase trades.
If price pulls back and breaks out again we will have another opportunity to enter. We may also see a a pullback opportunity if price moves down to a support area so either entries would be appropriate depending on your trading style.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
The Daily chart (not shown) is using the 50 simple moving average as support as it makes higher highs.
When price hesitated at the previous all-time high some traders may have doubted whether price would continue higher but simply looking at the 50 sma would help to identify it as a support area which would assist price to advance higher.
Using simple tools such as moving averages in the correct way will put you in a prime position to take advantage of opportunities in the markets and help to understand market structure.
If the first breakout was missed then we just have to be patient for the next opportunity and we must not chase trades.
If price pulls back and breaks out again we will have another opportunity to enter. We may also see a a pullback opportunity if price moves down to a support area so either entries would be appropriate depending on your trading style.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading