Update from previous idea:
Last update we were hoping for a break above the range we were forming. we actually broke the low before failing the bearish retest and flying to the upside. (we did get a retest on support before moving so an entry would've been possible.
okay I highlighted this range previously and now we are back in this small range but look how well it has been held up as support from the drop down. holding this support is good we are just catching liquidity from the big move up, breaking the yellow support I expect price to find support at my grey box because there is clear consolidation.
a couple of things concern me here, firstly you can clearly see we have made a lower high, even though it is a tiny difference still a bearish signal, it is crucial to hold this support or my grey box worst case we do not want to see a lower low being made.
we also have this blue upward sloping line of resistance which price has respected perfectly, not happy with that either. it will take a lot of bullish momentum to flip this resistance but ideally we want to see that.
Last update we were hoping for a break above the range we were forming. we actually broke the low before failing the bearish retest and flying to the upside. (we did get a retest on support before moving so an entry would've been possible.
okay I highlighted this range previously and now we are back in this small range but look how well it has been held up as support from the drop down. holding this support is good we are just catching liquidity from the big move up, breaking the yellow support I expect price to find support at my grey box because there is clear consolidation.
a couple of things concern me here, firstly you can clearly see we have made a lower high, even though it is a tiny difference still a bearish signal, it is crucial to hold this support or my grey box worst case we do not want to see a lower low being made.
we also have this blue upward sloping line of resistance which price has respected perfectly, not happy with that either. it will take a lot of bullish momentum to flip this resistance but ideally we want to see that.
