Traders, i'm looking for the break out/retest scenario for BUYS.
Price is boxed in on a 35 pip range. If it goes the other way and breaks/retests lows it's going to lower demand area. 07:00 candle key.
DIONNG
Price is boxed in on a 35 pip range. If it goes the other way and breaks/retests lows it's going to lower demand area. 07:00 candle key.
DIONNG
Comment:
Traders, Break and retest trade in play.
Sell 157.52
Stop 157.76
Target 156.90
DIONNG
Sell 157.52
Stop 157.76
Target 156.90
DIONNG
Comment:
Traders, if you are looking for shorts, always wait for rejection candles(wicks) as confirmation. This looks like it wants to go higher. Invalid set up
DIONNG
DIONNG
Comment:
Traders, here's a recap.
07:00 - 10:30, Price goes to the top of the "boxed" area, pokes it's head a touch higher and starts the sells off.
12:45, Break out of the bottom of the "boxed" area. If you are a "break-out" trader there was 22-24 pips in that move.
12:45 - 13:30, Retest of break out area
13:30(NEWS), Dropped 48 pips
Why the second retest/rejection did not happen the second time at the "breakout" area.
1. Price was bouncing off a demand area from 23/8/23
2. There was a supply/resistance area above the break out area that needed to be touched
DIONNG
07:00 - 10:30, Price goes to the top of the "boxed" area, pokes it's head a touch higher and starts the sells off.
12:45, Break out of the bottom of the "boxed" area. If you are a "break-out" trader there was 22-24 pips in that move.
12:45 - 13:30, Retest of break out area
13:30(NEWS), Dropped 48 pips
Why the second retest/rejection did not happen the second time at the "breakout" area.
1. Price was bouncing off a demand area from 23/8/23
2. There was a supply/resistance area above the break out area that needed to be touched
DIONNG
DIONNG