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Price is holding nicely at the support zone for now. Is this a sign that price could bounce from here and go higher? Let's see. The candles on the bounce are not incredibly strong, but definitely something we have to take a heed of when considering our trade options here.
If we can get a candle close above 3300 on the next 4 hour candle, that would be extremely advantageous as it would show a morning star right at the support zone, and could give leeway for buyers to enter a safe trade with a tight stop loss just under the morning star. A good risk reward would also ensue by doing this, as you have all the way up to the side-wards resistance line to reward, and only slightly below current levels to lose, so it could be worth a punt.
Bear in mind, if the morning star signal does NOT evolve, it's not logical to enter a long if price breaks above side-wards resistance UNTIL price has retested the resistance as a new support already. Any earlier you risk getting slipped out of a trade.
ALSO BEAR IN MIND, the morning star signal trade is pretty risky. So it's not for everyone. Always use your own strategy whilst trading and use my analysis merely as a framework.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I will continue to update this analysis in real-time if this idea receives sufficient attention :-)
Price is holding nicely at the support zone for now. Is this a sign that price could bounce from here and go higher? Let's see. The candles on the bounce are not incredibly strong, but definitely something we have to take a heed of when considering our trade options here.
If we can get a candle close above 3300 on the next 4 hour candle, that would be extremely advantageous as it would show a morning star right at the support zone, and could give leeway for buyers to enter a safe trade with a tight stop loss just under the morning star. A good risk reward would also ensue by doing this, as you have all the way up to the side-wards resistance line to reward, and only slightly below current levels to lose, so it could be worth a punt.
Bear in mind, if the morning star signal does NOT evolve, it's not logical to enter a long if price breaks above side-wards resistance UNTIL price has retested the resistance as a new support already. Any earlier you risk getting slipped out of a trade.
ALSO BEAR IN MIND, the morning star signal trade is pretty risky. So it's not for everyone. Always use your own strategy whilst trading and use my analysis merely as a framework.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I will continue to update this analysis in real-time if this idea receives sufficient attention :-)
Well done to anyone who headed this advice, you quite literally caught the VERY bottom. As always. :-)
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