Quick scalp trade
ONT is at bottom of large fork and has one bounce at 4.90. which can be the stop
Entry is upon next rejection along this line probably around 4.95
Take profit around 5.60
For the last two days price has descended the small channel. Now it has broken the channel and the channel has become support. This is a bullish context as we approach the floor of the fork
See screenshot below for big picture
ONT is at bottom of large fork and has one bounce at 4.90. which can be the stop
Entry is upon next rejection along this line probably around 4.95
Take profit around 5.60
For the last two days price has descended the small channel. Now it has broken the channel and the channel has become support. This is a bullish context as we approach the floor of the fork
See screenshot below for big picture
Note
This is the bigger picture. Note the large Andrews fork is not proven. Note the Fibonacci tool is adjusted so that the levels of support are at key levels.More precise target is 5.56
Note
I need to see a second bounce from this line before entering
Note
I need to see a second bounce from this line before taking a trade. We should know within the hourNote
sloping resistance line has become support.Enter at 4.97
Note
Support on top of new higher parallel
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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.