I expect the price to move towards the resistance line of 150.800 and after hitting that supply area, price might fall down to the support line of 149.600.
Great opportunity defined!!! Thanks for the guide.
Even if it not goes straight on the expected direction, what would your action to protect the deal and still stay in the idea up?
In case the direction is defined/choose well, but the price is "sawing - up, down, up, down, up, down, up, down... with touching your entrys / stops" what you may advise to undertake to be protected from numbers of SL catches before the price go in to the expected direction?
Thanks.
ka66
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Hi Linorth,
Firstly thanks for sharing your trading knowledge, I'm still learning to trade, and managed to come across you via Quora, and your youtube lessons. If it's okay, I'd like to ask a few questions about this analysis:
1. I can see the upward trend to the resistance of 150.8, but why do you think the fall will be to 149.6 support?
2. The thing I'm still getting my head around is that support/resistance levels are specific to the timeframe (except when we are reaching a common support/resistance point existing in a larger timeframe). How do you determine what the key levels are for a particular timeframe? What makes them stronger or weaker? Is it just drawing lines across common points in that timeframe?
3. Apart from general trend, support, and resistance, on this chart, do you analyse specific patterns? Either candlestick, or other price action patterns?
Even if it not goes straight on the expected direction, what would your action to protect the deal and still stay in the idea up?
In case the direction is defined/choose well, but the price is "sawing - up, down, up, down, up, down, up, down... with touching your entrys / stops" what you may advise to undertake to be protected from numbers of SL catches before the price go in to the expected direction?
Thanks.