1. Weekly, Bullish, price currently testing fractal support level 2a. Daily, although it broke through resistance, since then price has steadily retraced. 2b. The pin bar and bullish engulfing did not touch the bottom of the zone, or the 150 EMA, this is also a .5 Fib retracement level
With the lower highs and lower lows and %R below -80, looks like price will test the support zone again before any long opportunity
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Price is consolidating at the zone, now lets look for Price Action confirmation
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As you can see price action never confirmed, so it was good in that we did not take any trades
Ordre annulé
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Although there was a nice pin bar at support, we did not get price action confirmation.
Staying out of a trade is also a good strategy if you do not get confirmation.