Buyers are rejected twice on the major resistance zone [the second rejection was after a retest].
Two Scenarios are forseen
Buy :
Wait For Buyers to push the market up [above our resistance zone],
Wait For Buyers to retest our resistance zone which become support,
Wait for a continuation candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
Initiate BUY order,
Targets next resistance zone [~1.12],
Sell :
Wait For Buyers rejection confirmation,
wait for the rejection candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
Initiate Sell order,
Target ==> Next support Zone [~1.10].
/!\** Disclaimer**/!\ The scenarios described in this analysis are subject to change at any time without prior notification. This analysis is provided as a decision support.
Traders! | if you like my analysis and it supports you in your trading decisions, please say it in a comment so we can manage the trade together. Thanks.
A bearish engulfing pattern has emerged at the bearish bat pattern potential reversal zone. ***This idea is only for educational purpose. Not a financial advice*** ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~