Levels of support/resistance typically produce a pop or bounce on the first touch.
There is an untested level of support in the valley around $164
SETUP: This is not a prediction price will get to 164. However, if it does, enter long.
I call this conditional trading.
ENTRY: $163.5
Long position
TARGET: $170 (or anything close)
This is an area below some lows that would provide resistance
STOP: $160
Below the low candle in the valley in which we took our long
There is an untested level of support in the valley around $164
SETUP: This is not a prediction price will get to 164. However, if it does, enter long.
I call this conditional trading.
ENTRY: $163.5
Long position
TARGET: $170 (or anything close)
This is an area below some lows that would provide resistance
STOP: $160
Below the low candle in the valley in which we took our long
Trade closed: stop reached
Price got a bounce at 163.68 but only to 168 before failing to the stop
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.